Former Vice President and New Patriotic Party (NPP) presidential hopeful, Dr Mahamudu Bawumia, has praised StarOil Ghana Limited for launching ‘Fuel Now, Pay Later’ scheme for Ghanaians.
The scheme will enable Ghanaians, especially drivers buy fuel on credit using their Ghanacard through the individualised credit system.
Many sceptics did not see this as a possibility when Dr Bawumia launched the credit scoring system last year.
The former Vice President has commended StarOil Ghana for the initiative, encouraging others to emulate it.
“I congratulate StarOil Ghana Ltd, and its bold and visionary CEO for launching their Fuel Now, Pay Later scheme today, which makes it possible for Ghanaians, especially drivers, to be able to buy fuel on credit using their Ghanacard through the individualised credit scoring system.
“When I launched this initiative last year, many sceptics did not see it as possible.
“A credit economy is so vital in making life a lot less stressful for many people in advanced economies.
“Thankfully, in Ghana, we have put in place the critical foundational pillars to underpin an efficient credit economy using the Ghanacard as an anchor, and supported by pillars such as the digital address system, our interoperable mobile money payment system, and the individualised credit scoring system.
“I look forward to other OMCs (Oil Marketing Companies) and businesses embracing the individualised credit scoring system to give Ghanaian workers the much-needed option of buying goods and services on credit and paying for them with ease through their Ghanacard and credit score, as Star Oil Ghana has done.
“Ayekoo to Star Oil Ghana,” Dr Bawumia stated on his Facebook timeline.
Bawumia launches Ghana’s credit scoring system
Then Vice President Bawumia launched ‘myCreditScore’, on 7th November 2024, a groundbreaking credit scoring system that aimed at transforming access to credit for Ghanaians.
Supported by the Bank of Ghana (BoG), the new system enables individuals to demonstrate their creditworthiness transparently, potentially unlocking access to larger loans and favourable terms based on responsible borrowing.
“It is a significant milestone in Ghana’s journey toward a financially inclusive and empowered society,” he stated.
Dr. Bawumia emphasised that ‘myCreditScore’ will serve as a vital tool for developing a credit economy in Ghana, promoting financial responsibility and trust between borrowers and lenders.
“This Credit Scoring initiative is a Ghanaian homegrown private sector initiative. We will continue to support our private sector to champion such initiatives in the digital and other sectors,” he emphasised.
The introduction of the system addresses longstanding challenges in lending, where high default rates and a lack of credit information have constrained lending.
With myCreditScore, financial institutions and businesses can now assess individuals’ creditworthiness more accurately, which Dr. Bawumia believes will help lower interest rates and increase credit availability.
“The lack of a credit information system increases the risks of lending.
“A credit reporting system in Ghana would provide timely, accurate, and up-to-date information on the debt profile and repayment history of borrowers, which leads to numerous benefits,” he noted.
According to Dr Bawumia, the absence of a standardised credit scoring system had amplified risks for lenders and limited financial inclusion for borrowers. ‘MyCreditScore’, he explained, “aligns Ghana’s credit ecosystem with international standards, promoting a culture of responsible borrowing.”
Dr Bawumia expressed optimism that this tool will reduce defaults, boost financial institutions’ confidence, and broaden credit access for individuals and businesses.
“This initiative reflects a broader commitment to sustainable economic growth, where financial stability and trust in credit practices play foundational roles,” he added.
The journey so far
The journey to a national credit scoring system dates back to 2007, when Dr Bawumia, then Deputy Governor of the Bank of Ghana, initiated the Credit Reporting Act.
However, the project stalled following a change in government in 2009.
Dr. Bawumia acknowledged the importance of the Act, stating, “The availability of credit information is crucial for the development and maintenance of an effective financial sector.”
He concluded on an optimistic note, highlighting the broader vision of financial inclusion.
“Let’s move forward with optimism and purpose, knowing that together we’re building a Ghana where financial inclusion is real, dreams are within reach, and every Ghanaian has the chance to achieve financial security and prosperity. It is possible!”, Dr Bawumia reiterated.
By Kyei Boateng
