Vice President and NPP Presidential Candidate, Dr. Mahamudu Bawumia, has introduced myCreditScore, a new credit reference and scoring system aimed at enhancing financial access for Ghanaians.
Supported by the Bank of Ghana, this initiative allows individuals to demonstrate their creditworthiness transparently, facilitating easier access to credit.
The myCreditScore system enables Ghanaians with good credit behavior to achieve higher scores, which financial institutions will recognize by offering larger credit amounts and incentives.
Speaking at the launch in Accra on Thursday, Dr. Bawumia hailed the system as a “momentous occasion” and a “step forward in building a dynamic credit economy for Ghana and all Ghanaians.”
He further described myCreditScore as a significant step toward fostering a financially inclusive and empowered society, adding that it represents “another chapter in the nation’s ambitious journey toward financial inclusion.”
Addressing Longstanding Lending Challenges
Dr. Bawumia, who led the development of the system, highlighted that myCreditScore directly addresses challenges that have long hindered lending and borrowing in Ghana. With this system, financial institutions can now reliably assess individual creditworthiness, a change expected to help reduce high lending rates.
“The absence of a credit information system has increased lending risks, leading financial institutions to offer less credit,” Dr. Bawumia said, emphasizing the system’s potential to lower these barriers. “A credit reporting system in Ghana will provide timely, accurate, and up-to-date information on debt profiles and borrowers’ repayment history, yielding numerous benefits,” he added.
The introduction of myCreditScore marks a milestone in Ghana’s financial sector, setting a foundation for greater financial inclusion and improved access to credit for citizens across the country.
Source: OccupyGh.com
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