Banks performed the very best variety of enquiries on the credit score bureau databases with a complete of 13,522,171 searches.
This represented 84.93% of whole enquiries in comparison with 77.83% in 2023.
Microfinance and Microcredit establishments adopted with 8.82% of whole enquiries in 2024, a lower from 11.0% recorded in 2023.
Searches amongst financial savings and mortgage firms and others additionally decreased in comparison with the earlier yr.
In response to the Financial institution of Ghana, it’s obligatory for monetary establishments beneath Part 26 of the Credit score Reporting Act, 2007 (Act 726), to conduct credit score searches on potential debtors earlier than approving or denying credit score services.
Apart from this obligatory requirement, the authorised customers performed searches for a number of causes within the yr beneath assessment.
The report added that, in step with earlier years, enquiries associated to credit score purposes dominated causes for authorised customers conducting searches on credit score bureau databases, adopted by credit score bureau searches after which Recognized Your Buyer (KYC).
In the meantime, the usage of credit score bureau companies in mortgage purposes stays related to lenders to establish non-creditworthy debtors.
Knowledge Submission
For information submission, a median of 61,139,397 data have been submitted to credit score bureaus each month in 2024, in comparison with a median of 21,063,325 mortgage data in 2023.
The information associated to new loans disbursed throughout the respective months, updates on the standing of beforehand submitted loans, and digital loans.
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