Loans without collateral is now possible in Ghana

Ghanaians can now access credit or loans from the banks and other financial institutions without necessarily providing any physical collateral. Mr George Ahiafor, Former Chief Executive Officer of XDS Data Ghana, made this known during a media interaction in Accra. He explained that with the establishment of credit referencing bureaus like XDSData, lenders can now assess the creditworthiness of borrowers based on their credit history rather than solely relying on physical assets as security.

This development is expected to open up access to finance for many individuals and small businesses that previously struggled to secure loans due to lack of collateral. It also encourages responsible borrowing and lending practices, as individuals and businesses will be more mindful of their credit behavior.