Ghana’s Vice President, Dr. Mahamudu Bawumia, has unveiled a new credit scoring system designed to make borrowing more accessible, marking a major step toward financial inclusion and economic formalisation.

Branded as “MyCreditScore,” the initiative aims to improve credit access for Ghanaians by introducing a digital credit scoring model that assesses individual creditworthiness based on payment history and financial behaviour. Developed in partnership with the private sector, MyCreditScore seeks to provide a cash-free purchasing method that promotes financial responsibility among citizens.

Speaking at the launch, Dr. Bawumia said the platform would empower Ghanaians by providing them with a way to build and maintain their credit profiles, easing access to loans and financial services. He also highlighted the system’s potential to reduce the high levels of non-performing loans affecting the country’s financial institutions.

The new system allows Ghanaians to make purchases and conduct transactions without needing immediate cash, promoting a credit-based approach. This model, officials say, will ease financial burdens on consumers and help them establish positive credit histories.

Financial institutions, lenders, and merchants are being encouraged to integrate MyCreditScore into their operations, with the goal of creating a seamless, credit-friendly environment across sectors.

The Vice President said MyCreditScore aligns with the government’s agenda for a digitised, inclusive economy, calling it a key milestone in Ghana’s journey towards digital transformation and economic resilience.

Source:TheDotNews