In a major stride towards improving financial inclusion and enhancing credit access, Vice-President Mahamudu Bawumia, has launched a new credit scoring system, dubbed MyCreditScore. The innovative platform aims to make credit more accessible and affordable for Ghanaians, allowing individuals and businesses to more easily obtain loans and financing based on their credit history and financial habits.
Speaking at the launch in Accra on Thursday(7 November), Bawumia emphasized that MyCreditScore is poised to transform Ghana’s financial landscape by offering a fair and consistent way to assess creditworthiness. This individualized credit scoring model will evaluate users based on payment history and financial behaviors, making it easier for Ghanaians to build credit profiles, access financing, and make cash-free purchases.
Bawumia noted that the initiative aligns with the government’s commitment to a digitized and inclusive economy, underscoring MyCreditScore as a key step towards sustainable economic growth. “For the first time, Ghanaians will have access to a credit score that can open doors to improved financing options, helping them to realize their goals and contribute to economic growth,” he said.
He added that the system rewards responsible financial behavior, enabling Ghanaians to transparently and confidently demonstrate their creditworthiness. He emphasized the core objectives of MyCreditScore is to create a financial environment that fosters trust between borrowers and lenders.
Bawumia highlighted that the system would promote responsible lending practices by providing financial institutions with more accurate assessments of individuals’ creditworthiness.
The successful launch of the credit scoring system for Ghana, is a culmination of a dream which started 17 years ago when Mahamudu Bawumia was deputy governor of the Bank of Ghana, leading to the passage of the Credit Reporting Act by Parliament in 2007.