The Bank of Ghana has warned fintech lenders that poor data sharing across digital lending platforms is increasing loan defaults and exposing Ghana’s financial sector to growing risk.
Speaking on the sidelines of the 3i Africa Summit 2026 in Accra, Kwasi Osei-Yeboah said many fintech companies still operate in isolated systems that prevent lenders from seeing a borrower’s full credit history.
According to him, this lack of shared borrower data allows serial defaulters to move from one lending platform to another without being detected.
He explained that when borrowers fail to repay loans on one platform, other fintech firms often have no way of knowing. As a result, the same individuals can continue applying for fresh loans elsewhere, leaving multiple lenders with unpaid debts.
“Inability to share common data brings separation and makes it difficult to identify the history of creditors,” Dr Osei-Yeboah said.
He called on fintech companies to work together on shared data standards and borrower information systems that would make loan defaults visible across all participating platforms.
Dr Osei-Yeboah said a stronger credit data framework would improve underwriting decisions, build trust within the fintech industry, and encourage more responsible borrowing behaviour among customers.
He warned that without coordinated action, Ghana’s digital lending sector could continue expanding while quietly building deeper financial risks beneath the surface.
The central bank official stressed that better collaboration should not be viewed only as a regulatory requirement, but as an important business strategy for fintech companies seeking long-term growth and stability.
Beyond concerns around borrower data, Dr Osei-Yeboah also criticised high interest rates charged by some digital lenders. He argued that aggressive pricing models may hurt customer relationships and weaken trust over time.
He urged fintech firms to focus on sustainable customer retention rather than prioritising short-term profits from expensive loans.
The comments reflect the Bank of Ghana’s wider efforts to strengthen oversight and accountability in the country’s fast-growing fintech sector while still supporting innovation and digital financial inclusion through reforms such as open banking initiatives.
