How CedisPay lending works
Before you apply for a CedisPay loan, we invite you to watch this short video to get a comprehensive overview of CedisPay's lending process. This video will help you understand the eligibility criteria, requirements, and next steps for applying for a loan with CedisPay. Watch the video here:
Alternatively, you can read the text below to learn more about:
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Eligibility: Find out if you qualify for a CedisPay loan
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Requirements: Discover the necessary documents and information needed to apply
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Next Steps: Lear what to expect during the application process and beyond.
Choose your preferred mode of learning. By understanding how CedisPay lending works, you will be better equipped to navigate our platform and make informed decisions about your financial journey.
How CedisPay lending solution works
Fast, Responsible, and Transparent Credit Access
CedisPay is a cutting-edge digital lending platform built to give individuals and businesses seamless access to responsible credit. Our system combines automation, real-time credit checks, and clear policy guidelines to ensure fast decisions, fair treatment, and financial wellbeing for all. This guide walks you through the entire process — from checking your eligibility to receiving funds in your mobile wallet — with full transparency.
Stage 1: Initial Eligibility Screening
Before you can apply for a loan, our system checks if you meet at least one of the following eligibility criteria:
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Hold a non-cancelable debit agreement
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Present an employer letter verifying employment
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Have payroll deductions in place.
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Offer pension assets as collateral
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Demonstrate investments or savings
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Provide assigned receivables (for business owners).
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Provide a guarantor. Guarantor procedure:
To serve as a guarantor, the individual must:
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Express clear willingness to support the borrower.
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Pass a credit bureau check to verify creditworthiness.
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Provide 3 months of bank statements to prove financial capacity
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Complete the official Guarantorship Form Guarantorship
If you don’t meet at least one of the above criteria, your loan application will be automatically declined by our AI system.
Stage 2: Registration & Identity Verification
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Step 1: Create or Log in to Your Account
- New Users: Register here
- Existing Users: Log in here
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Step 2: Identity Check
- Upload the front and back of your Ghana Card
- Take a clear selfie for biometric verification
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Step 3: Location Verification
- Grant permission for geolocation tracking
- Your device’s GPS and IP address will be used to confirm you are located in Accra
Stage 3: Credit Bureau & Policy Checks
Your credit history is securely assessed through licensed credit bureaus in Ghana using API connections. Based on your profile, one of the following policies will apply:
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Unsecured Loan Policy
- If you have no credit bureau history → Automatically rejected
- If you have outstanding or unpaid loans → Automatically rejected
- No exceptions — regardless of employer, income, or past relationship with CedisPay
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Pension-Backed Loan Policy
- If you have no credit bureau history, a minimum of 12 months of pension contributions may be accepted as an alternative
- If you have credit bureau history with unpaid loans, you will be automatically rejected — even with a strong pension record
- Again, no exceptions
Stage 4: Additional Eligibility Requirements
If you pass the initial screening, you must also meet these conditions:
- Be a Ghanaian citizen, age 18 or above (Ghana Card required)
- Provide proof of residence in Accra (e.g., GPS address or utility bill)
- Demonstrate 3+ months of stable employment or business activity
- Submit 3 months of mobile money and/or bank statements
- Have no unpaid loans on your credit report
- Maintain a Debt-to-Income (DTI) ratio below 30%
Stage 5: Complete the Loan Application
Stage 6: Upload Required Documents:
You’ll need to upload the following:
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Ghana Card (front and back)
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3 months mobile money statements
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3 months bank statements
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3 months of payslips (if salaried)
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Proof of address (e.g., GPS screenshot or utility bill)
Stage 7: Instant Credit Decision
CedisPay’s automated system evaluates your profile based on
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Credit Score: Minimum score required: 50
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Debt-to-Income Ratio (DTI): Maximum allowed: 30%. Even if collateral is provided, both criteria must be met. This ensures our commitment to responsible lending.
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Income Calculation:
Our system analyzes:
- Gross income
- Existing debts
- Monthly living expenses
- Savings behavior
- Risk factors like gambling, inconsistent income, or pension withdrawals
Stage 8: Human & System Review (Within 24 Hours)
A detailed cross-check is conducted by our team and technology:
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Identity & Address Verification:
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Your Ghana Card is verified through NIA
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Your address is confirmed by:
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Geolocation technology
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IP address checks
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GPS address via GhanaPost GPS
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Optional: Video tour of your residence or business
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Multi-factor authentication (SMS, selfie match, GPS tag)
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Creditworthiness Assessment:
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Credit data from two credit bureaus
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Payment consistency reviewed from:
- Credit reports
- Bank statements
- Mobile money transactions
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Income & Expense Review:
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AI-driven financial analysis checks:
- Transaction patterns
- Loan repayments
- Savings habits
- Red flags (e.g., frequent loans, inconsistent inflows)
Stage 9: Approval & Disbursement
Once your documents and profile pass verification:
- You’ll receive an SMS notification of your loan status
- Your loan facility letter will be emailed for e-signature
- After signing, your funds will be sent to your mobile money account within 24 hours
Data Protection & Security
Your data is protected under Ghana’s Data Protection Act. CedisPay uses:
- End-to-end data encryption
- Secure APIs for credit bureau and banking access
- Privacy-by-design principles throughout the platform
