Vice President Dr. Mahamudu Bawumia has unveiled myCreditScore, a pioneering credit scoring system designed to enhance access to credit and advance financial inclusion for Ghanaians.
The launch event took place in Accra on Thursday, November 7, 2024, marking what the Vice President described as “a significant milestone in Ghana’s journey toward a financially inclusive and empowered society.”
In his address, Dr. Bawumia emphasized the critical need for a robust credit information system in Ghana, noting how the lack of such infrastructure has historically elevated lending risks.
He explained that myCreditScore would provide financial institutions with timely and accurate data on borrowers’ debt profiles and repayment histories, which would ultimately make lending more efficient and reliable.
“The absence of a standardised credit scoring system has amplified risks for lenders and limited financial inclusion for borrowers. myCreditScore aligns Ghana’s credit ecosystem with international standards, promoting a culture of responsible borrowing,” he stated.
Dr. Bawumia also traced the journey toward a national credit scoring system back to 2007, when he was Deputy Governor of the Bank of Ghana and helped introduce the Credit Reporting Act. Although this initiative stalled due to a change in government in 2009, Dr. Bawumia recognised the Act’s lasting significance, stating, “The availability of credit information is crucial for the development and maintenance of an effective financial sector.”
According to him The successful launch of myCreditScore is a result of collaboration between the government, the Bank of Ghana, and the private sector. Dr. Bawumia praised local entrepreneurs for driving Ghana’s digital transformation, underscoring that the initiative was a Ghanaian homegrown private sector initiative.
He assured continued government support for similar private-sector-led digital ventures.
Through myCreditScore, financial institutions now have a powerful tool to accurately assess individuals’ creditworthiness, which Dr. Bawumia believes will result in more accessible loans and potentially lower interest rates.
Dr. Bawumia emphasized the importance of financial inclusion in Ghana, urging stakeholders to collaborate towards a future where every Ghanaian can achieve financial security and prosperity.
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