Ghana’s Vice President, Dr. Mahamudu Bawumia, has launched MyCreditScore, a National Credit Scoring System aimed at improving financial inclusion and formalizing the economy.
With the MyCreditScore platform, Ghanaians can now make purchases and engage in financial transactions without requiring cash upfront.
How it works
- MyCreditScore simplifies credit access for Ghanaians, offering a cash-free method for purchases and promoting financial responsibility.
- The platform evaluates individuals’ creditworthiness and create credit profiles based on payment history and financial habits, offering a more comprehensive approach to credit access.
- MyCreditScore is available to all Ghanaians to help them understand and improve their credit health.
Also read: Ghana launches CitizenApp for all citizens and residents
Why a national credit score system?
According to Bawumia, the initiative is expected to help reduce the high rate of Non-Performing Loans (NPLs) that currently affect financial institutions in the country.
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.
This credit-based purchasing model is expected to ease the financial burden on consumers making it easier for citizens to secure loans and financing.
The way forward
MyCreditScore will begin rolling out across Ghana, with educational campaigns planned to help users understand how credit scores work.
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