In a major move to enhance financial inclusion and formalize Ghana’s economy, Vice President Dr. Mahamudu Bawumia has launched the National Credit Scoring System, branded as MyCreditScore.
This innovative platform is set to revolutionize credit access in Ghana, offering a streamlined, cash-free purchasing option and promoting financial responsibility. Developed in partnership with private sector entities, MyCreditScore provides a credit scoring model that simplifies the process of securing loans and financing for Ghanaians.
The system assesses creditworthiness based on payment history and financial behavior, offering citizens the opportunity to build and sustain credit profiles. At the launch, Vice President Bawumia emphasized how the platform empowers individuals while also supporting financial institutions in promoting responsible lending practices.
He noted that MyCreditScore is anticipated to help reduce the high rate of Non-Performing Loans (NPLs) affecting the country’s financial sector. With this platform, Ghanaians can make purchases and engage in financial transactions without immediate cash, easing financial burdens and allowing consumers to establish positive credit histories.
Accessible to all Ghanaians, the MyCreditScore system encourages financial institutions, lenders, and merchants to incorporate the platform into their operations, facilitating seamless credit access across multiple sectors.
Dr. Bawumia highlighted that MyCreditScore aligns with the government’s vision for a digitized, inclusive economy, marking a key milestone in Ghana’s journey toward digital transformation and economic resilience.