Dr. Bawumia launches credit scoring system to enhance credit access to Ghanaians

The Vice President, Dr. Mahamudu Bawumia, has launched the National Credit Scoring System, branded as MyCreditScore in a bid to boost financial inclusion and advance the formalization of Ghana’s economy.

The government said the initiative is to transform credit access for Ghanaians providing a streamlined, cash-free way to make purchases and fostering a culture of financial responsibility.

Vice President Dr. Bawumia said the initiative is expected to help reduce the high rate of Non-Performing Loans (NPLs) that currently affect financial institutions in the country.

Dr. Bawumia said MyCreditScore aligns with the government’s broader vision of a digitized and inclusive economy, underscoring that the credit scoring initiative represents an important milestone in Ghana’s journey toward digital transformation and economic resilience.

The platform which has been developed in collaboration with private sector partners, introduces a credit scoring model designed to make it easier for citizens to secure loans and financing.

It evaluates individuals' creditworthiness based on payment history and financial habits and offers a more comprehensive approach to credit access.

This will also allow Ghanaians to make purchases and engage in financial transactions without requiring physical cash.

This credit-based purchasing model is expected to ease the financial burden on consumers and enable them to build positive credit histories.

MyCreditScore will be accessible to all Ghanaians, with financial institutions, lenders, and merchants encouraged to integrate MyCreditScore into their operations, making credit access more seamless across multiple sectors.

SSD

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