Vice President and Presidential Candidate of the governing New Patriotic Party (NPP), Dr. Mahamudu Bawumia yesterday launched Ghana’s first national credit score system branded as ‘MyCreditScore.’
This landmark initiative is aimed at expanding access to credit by giving Ghanaians the ability to purchase goods on credit and make flexible, installment-based payments.
Dr. Bawumia said will be a significant step towards boosting financial inclusion, advancing the formalisation of Ghana’s economy and economic empowerment for all in the country.
MyCreditScore
The MyCreditScore system, 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.
By evaluating individuals’ creditworthiness based on payment history and financial habits, the system offers a more comprehensive approach to credit access, helping Ghanaians build and maintain credit profiles.
Speaking after the launch, Vice President Bawumia emphasised the system’s potential to empower citizens while benefiting financial institutions by promoting responsible lending practices.
He added that the initiative is expected to help reduce the high rate of Non-Performing Loans (NPLs) that currently affect financial institutions in the country.
With the MyCreditScore platform, Ghanaians can now make purchases and engage in financial transactions without requiring upfront payment.
This credit-based purchasing model is expected to ease the financial burden on consumers and enable them to build positive credit histories
The system 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.
Dr. Bawumia highlighted that 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.
His vision of a robust credit economy aligns with the unique realities of Ghana’s financial sector, where mobile money has outpaced traditional banking, reaching over 22 million users.
Ahead of the official launch, the NPP presidential candidate while on a campaign tour of the Bono Region, described the new system as a cornerstone of his vision for a financially inclusive Ghana.
The credit score system, he explained, will provide a reliable way to assess an individual’s creditworthiness, helping those previously excluded from financial services to gain fair access.
“That credit scoring system, every individual will have a credit score. Right now, our credit scoring system does not exist. So everybody is seen as risky and the interest rates are high.
“But we are going to move into individualised credit scoring. So if you don’t pay your loan, you have low credit scores, isn’t it? And if you go for a loan, you will have a problem,” Dr. Bawumia stated.
Currently, high interest rates are common due to the lack of credit assessment infrastructure, which results in most individuals being perceived as high-risk borrowers.
By implementing individualized credit scores, Dr. Bawumia aims to address these high costs and promote responsible lending and borrowing practices in the country.
Each person’s credit score will be based on their payment history, creating incentives for timely repayments while offering lenders a tool to better evaluate credit risk.
