Promoting Inclusive Markets and Financial Systems
Credit Information Sharing in Ghana: A Case for Industry Coordination to Promote Responsible Finance
Under the Responsible Finance through Local Leadership (RFLL) program, lack of credit information sharing was identified as one of the key constraints to a more responsible microfinance sector in Ghana. In an effort to better understand this issue, the Ghana Microfinance Institutions Network (GHAMFIN), with support from the SEEP Network, examined existing practices in use by its members and the constraints and opportunities for enhanced reporting to existing credit bureaus, and launched a multi-stakeholder dialogue around greater credit information sharing in Ghana. The result has been collective action involving regulators, financial service providers, technical service providers, and credit bureaus to integrate the microfinance sector into the credit information market system in Ghana. This includes efforts to enhance existing software, agree upon standardized reporting templates, and establish a centralized common data reporting platform for data providers.