Credit bureaus, credit scoring, and payments providers for lenders in Ghana

Credit bureaus are the gatekeepers of reliable data, and in a place like Ghana, where non-performing loans (NPLs) hover around 24.3% according to CEIC data, data accuracy isn’t just helpful—it’s non-negotiable.

With access to transparent borrower data, lenders are no longer flying blind—they can effectively sift out high-risk borrowers and reduce default rates, turning chaos into a managed risk profile.

But what about the millions of Ghanaians who don’t have formal credit histories? Traditional credit checks have a blind spot, and that’s where credit scoring steps in as an equalizer.

Thankfully, the mobile money market has been a big step in financial inclusion. As of January 2024, 59.7 percent of the population aged 15 years and older had a mobile money account in Ghana.

But for 40% of the population, the old methods are gatekeepers that say, “No credit history, no loan.”

Credit scoring today means looking beyond bank records. It means analyzing mobile money transactions, utility bills, and other non-traditional data to assess creditworthiness.

Then there are loan disbursement and collection systems that keep the lending ecosystem running. Without a smooth payment process, even the smartest lending strategy falls apart.

In 2023 alone, mobile money transactions exceeded GH¢1.9 trillion. These services have made sending and receiving money as straightforward as sending a text message, bridging the urban-rural divide and ensuring accessibility across the country.

In this article, we will explore credit bureaus, credit scoring, and payment providers in Ghana, examining how they are shaping a more inclusive financial future.

Licensed credit bureaus/credit scoring agencies in Ghana

Ghana’s credit landscape has come a long way, and credit bureaus are at the heart of this transformation. There are currently two licensed credit bureaus operating in Ghana: XDS Data and Dun & Bradstreet Credit Bureau. Each of these players has carved out a significant role in helping lenders make informed decisions and reduce credit risk.

1. XDS Data Ghana

XDS Data Ghana was the first credit bureau licensed in Ghana, having been established in 2004. It was initially set up with the backing of the International Finance Corporation (IFC) after conducting feasibility studies to assess the readiness of the Ghanaian market for credit referencing.

The journey wasn’t straightforward, as it faced significant legal and operational challenges. Legal concerns over customer information disclosure delayed the establishment of a functioning credit reference system until the passage of the Credit Reporting Act in 2007 (Act 726).

XDS Data finally received a provisional license in 2008 and went fully operational by 2010, setting up a credit database to enable financial institutions to access borrower data for credit assessment purposes.

Since its inception, XDS Data has trained over 2,000 financial officers and granted access to more than 1,500 users across banks and non-bank financial institutions to use their credit reports in lending decisions.

XDS Data Ghana has recently reaffirmed its capability to produce individual credit scores, although progress is hindered by the lack of a unique identifier like the Ghana Card.

Currently, XDS Data is awaiting broader adoption of the Ghana Card, which, as of late 2023, had a penetration rate of only 35% among loan customers.

The bureau plans to start releasing credit scores once the Ghana Card penetration reaches around 90%, anticipated by the end of 2024. This step is seen as crucial to providing a comprehensive credit scoring system in Ghana and supporting better risk assessment for lenders.

2. Dun and Bradstreet Credit Bureau Limited

Dun & Bradstreet (D&B) Credit Bureau Limited was incorporated in Ghana in June 2008, and after satisfying the requirements for a provisional license, it received its final operational license in February 2012.

They officially launched their operations in March 2012, becoming the third licensed credit reference bureau in Ghana, joining XDS Data and Hudson Price Data Solutions at the time. D&B has leveraged its global expertise, given that it was founded in 1841 and has been a key player internationally in business information and risk assessment.

Interestingly, Dun & Bradstreet’s operations were delayed slightly due to additional information requirements from the Bank of Ghana before they were able to launch fully. This delay allowed other credit bureaus to gain a head start in the market, but Dun & Bradstreet was confident in their capacity to add value to Ghana’s credit bureau business.

Their experience from managing both private and government credit bureaus across the globe helped them in setting up a robust system for Ghana.

Their services have allowed financial institutions in Ghana to benefit from faster credit applications, quicker disbursement of loans, and a fairer assessment of creditworthiness based on a more informed and holistic approach to borrower profiles.

Here are licensed payment providers in Ghana:

1. ExpressPay Ghana

Founded in 2012, ExpressPay is one of Ghana’s pioneering payment solutions providers. It started as an eCommerce marketplace and payment gateway, facilitating real-time payments for services such as airtime purchases, utilities, and school fees.

Today, ExpressPay is known as the leading Visa eCommerce processor in Ghana, providing a comprehensive suite of payment solutions, including mobile money and international card payments (Visa, MasterCard, American Express).

ExpressPay has introduced several innovative features over the years to enhance user experience. In early 2021, they launched a scheduled payments feature, which allows users to automate payments for recurring expenses, such as bills or subscriptions. This feature has been particularly effective in increasing the volume of domestic payments, improving accounting consistency, and supporting the informal economic sector by reducing payment delays.

Recent developments and activities:

In November 2020, ExpressPay introduced a 4-in-1 Point of Sale (POS) device that supports major cards, mobile money, QR payments, and contactless transactions. This POS device is particularly useful for merchants, offering them a 4-in-1 capability that enhances their ability to accept payments from a wide range of channels, along with additional features like real-time reporting for reconciliation

ExpressPay’s impact on the fintech landscape has not gone unnoticed. The company won the Technology Company of the Year award at the EMY Africa Awards in 2020, reflecting its leadership in Ghana’s digital payments sector. The co-founder and CEO, Curtis Vanderpuije, was also recognized for his contributions to the industry.

2. Hubtel

Hubtel, originally founded in 2005 as SMSGH by Alex Bram, Ernest Apenteng, and Leslie Gyimah, began as a bulk SMS provider with a mission to facilitate business-to-customer communication through messaging.

The company achieved significant early success, becoming the biggest messaging services provider in Ghana and reaching $1 million in revenue by 2007.

However, facing a slowdown in growth by 2014, the founders decided to pivot towards financial services, taking part in the Stanford Seed Business Transformation program. This shift led to the rebranding of SMSGH to Hubtel in 2017, with a focus on digital payments and customer services.

They launched the Hubtel app in 2017, which aimed to be Ghana’s first “super-app” connecting users to everyday services and merchants.

By 2019, Hubtel obtained approval from the Bank of Ghana to operate as an Enhanced Payment Services Provider, solidifying its role in the fintech industry.

Recent developments and activities:

Since rebranding, Hubtel has grown tremendously, both in terms of operations and services. They launched an end-to-end payment solution called MPower Payments in 2012, which allowed businesses to accept a wide range of cashless payments, including mobile money and cards.

However, it wasn’t initially successful. The company persevered, relaunching the Hubtel app with a renewed focus, eventually expanding to cover multiple Ghanaian cities and offering services to various industries including retail, healthcare, and utilities.

Notably, Hubtel also worked with the Electricity Company of Ghana (ECG) to improve payment collection efficiency, which led to nearly doubling the monthly revenue to GHS1.2 billion by 2024.

Hubtel’s growth has been marked by key milestones like becoming the first company from Ghana to be featured in Amazon Web Services (AWS) success stories in 2024. They also opened Ghana’s first AI lab established by a local tech company in the same year.

Today, Hubtel serves over 500,000 users and connects to more than 4,300 merchants, pharmacies, and retailers across Ghana, reflecting its status as a market leader in Ghana’s payment services landscape.

3. InterPay

InterPay , founded in Ghana, emerged as a significant payment processor that connected merchants to both local and international payment channels, covering mobile money, traditional banking, and card payments.

Recent developments and activities:

The company’s operations extended beyond Ghana, with branches in Benin and Pakistan, employing more than 40 people. In December 2018, InterPay was acquired by Emergent Technology Holdings (EmTech), a global fintech company.

This acquisition allowed EmTech to expand its digital payment arm, Emergent Payments, into Africa as part of its “Africa 20-20-20” strategy, which aimed to extend services to 20 African countries by 2020.

InterPay was subsequently rebranded as Emergent Payments Ghana, now operating as Emergent Payments Africa.

Their acquisition was part of a larger strategy to leverage Africa’s growing e-commerce landscape, driven by a young population embracing technology.

InterPay, under the new Emergent Payments Africa brand, facilitated local and international payment services through a single API integration, making it easier for large-scale digital merchants to expand into emerging markets across Asia Pacific, Latin America, Africa, and the Middle East.

Notably, EmTech also planned to launch G-Coin digital tokens in the African market in 2019, offering an alternative to volatile local currencies, and aimed at financially including the unbanked and underserved communities in Africa.

4. iPay Ghana

Founded in 2017, iPay Ghana aims to simplify the payment landscape for businesses and individuals in Africa by providing a one-stop solution for managing payments, inventory, and customer loyalty.

The company’s leadership team includes George Abban, responsible for business operations, and Ewurakua Pimpong, who oversees corporate and social development.

It was established to address the complexities of making and receiving payments, particularly in markets where technology is not uniformly accessible.

iPay provides multiple payment channels, including mobile money, debit and credit cards, and also offers tools like online stores, e-invoicing, and integrated sales management, which are available through a single account system. This allows businesses to receive payments both online and offline seamlessly, supporting their growth and simplifying financial operations.

Recent developments and activities:

iPay is also known for its collaboration with Ecobank, supported by the United Nations Capital Development Fund (UNCDF), in launching the Digistore initiative. This digital solution targets MSMEs in Ghana, helping them market and sell products online, integrate social media channels, and manage inventory.

MSMEs can create digital stores and use mobile money or card payments. It’s a convenient way to reach more customers and enhance their financial resilience, which was particularly important during the COVID-19 pandemic.

5. theteller

theteller is a payments processing platform based in Ghana, specializing in providing flexible and reliable online payment solutions for businesses.

The company is part of PaySwitch Limited and is known for its comprehensive payment options, which include mobile money, credit and debit card payments, as well as real-time transaction insights to help businesses run more effectively.

With a super easy setup, theteller lets you start accepting payments from all kinds of sources in no time. It’s packed with helpful features like fraud protection, instant transaction alerts, and next-day settlements.

Plus, it’s developer-friendly, meaning integration is quick, and it works across multiple platforms, making life easier for you and your team.

The focus on being PCI DSS compliant ensures a secure environment for transactions, while the smart dashboard provides real-time data and insights to help businesses make informed decisions about their operations.

theteller ‘s features, including fast onboarding and multiple payment options, aim to provide a seamless payment experience for both businesses and customers, thereby contributing to the growing digital payments landscape in Ghana.

These providers make lending easier

The combination of reliable credit data, alternative scoring methods, and efficient payment solutions means that lenders can now serve even those without formal credit histories.

This is an opportunity to reach millions who have been left out of traditional finance, turning financial inclusion from a myth into reality. As the market continues to grow, those who adapt and commit to meeting the needs of underserved communities will not only thrive but also contribute to a more equitable financial future for Ghana.