The Vice President of the Republic of Ghana, Dr. Mahamudu Bawumia, has launched myCreditScore, a personalised credit reference and scoring system for Ghanaians. Backed by the Central Bank, this Credit Scoring System offers individual Ghanaians the opportunity to demonstrate their creditworthiness transparently, helping them access credit more easily.
Through this system, individuals who display good credit behaviour and earn high scores will be rewarded by financial institutions, enabling them to access larger credit amounts and benefit from their financial responsibility.
At the launch event in Accra on Thursday, Dr. Bawumia described the credit scoring system as a “momentous occasion” and a “step forward in building a dynamic credit economy for Ghana and all Ghanaians.” He noted, “It is a significant milestone in Ghana’s journey towards a financially inclusive and empowered society,” adding that the launch of myCreditScore represents “yet another chapter in the nation’s ambitious journey towards financial inclusion.”
A Solution to Longstanding Lending Challenges
Dr Bawumia, who spearheaded the project, said that myCreditScore introduces a critical tool that transforms access to credit in Ghana and addresses longstanding challenges related to lending and borrowing. With this system, the financial sector will now have a reliable way to assess the creditworthiness of individuals, a change that is expected to help address high lending rates.
The absence of a credit information system has increased lending risks, leading financial institutions to offer less credit,” Dr. Bawumia noted. “A credit reporting system in Ghana will provide timely, accurate, and up-to-date information on debt profiles and borrowers’ repayment history, yielding numerous benefits.”