At Fido, we’re committed to helping you grow sustainably—and staying on top of the latest regulations is part of that. The Bank of Ghana has recently introduced a primary directive aimed at strengthening credit discipline across the country’s financial sector. Here's what you need to know:
Wilful loan defaulters
People who don’t repay despite having the means, divert borrowed funds, or secure loans using false collateral or documents, could be barred from accessing credit from any regulated financial institution in Ghana.
Loan write-offs
Once a loan write-off is approved, the borrower becomes ineligible for new credit for double the time it takes to settle that debt fully.
Willful defaulters
Borrowers named as wilful defaulters twice or more within ten years will face a mandatory five-year ban, or longer if the calculated disqualification period exceeds five years.
As directed by the Bank of Ghana, we will be publishing the names of individuals who do not repay their loans will be published twice a year—on June 30 and December 31 in national newspapers and on their websites, following a prescribed format by BoG.
For responsible borrowers, this instruction from the Bank of Ghana reinforces the value of maintaining good repayment habits, ensuring no disruptions to your access to credit.
For those who have not settled their loans, it’s crucial to make every effort to clear outstanding balances, improve your credit record, and demonstrate financial responsibility to regain eligibility for future loans.
At Fido, we remain your reliable microcredit partner and encourage all customers to stay informed of these new rules while committing to timely repayments to safeguard both your creditworthiness and continued financial support.
Stay informed, stay empowered.
