The rule
In Ghana, late-payment penalties must go to charity
A non-interest bank in Ghana may charge a late-payment penalty, but it cannot keep any of it. The money goes into a separate account and is paid out to approved charities.
“disbursed in their entirety to charitable causes approved by NIBAC.”
Bank of Ghana, Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana, 13 January 2026, para 55
How to use it
Bank or finance company
Set up a separate non-permissible account for penalties before you launch, and a process for paying it out to approved causes.
Business that needs finance
Ask where any late penalty goes. Under this rule, the bank cannot earn from your lateness.
Fintech or advisory firm
Build the penalty account and its reporting into your product from day one.
Compared with conventional finance
| Conventional | Non-interest |
|---|---|
| Your loan contract sets the late charge and who keeps it. Ask before signing. | Penalties may be charged, but the bank keeps none of it (para 55). |
What it costs you: A penalty is still a cost to you. It just stops being income for the bank.
First published in Africa Islamic Finance, edition 1, 12 November 2026.
This explains a regulator's rule. It is not a Sharia ruling or legal advice. For a ruling, ask a qualified scholar.