Vice President and NPP Presidential Candidate, Dr. Mahamudu Bawumia, has launched “myCreditScore,” a personalized credit scoring system for Ghanaians. Backed by the Bank of Ghana, this new tool is designed to promote financial inclusion by allowing individuals to establish their creditworthiness transparently, thereby enhancing access to credit.
At the launch in Accra, Dr. Bawumia described myCreditScore as a pivotal step in Ghana’s journey toward a dynamic, credit-inclusive economy. He highlighted that this system addresses longstanding challenges in Ghana’s financial sector by providing a reliable way for lenders to evaluate borrowers, which in turn is expected to reduce high lending rates driven by the absence of comprehensive credit information.
“myCreditScore is a significant milestone on the path to a financially inclusive society,” Dr. Bawumia remarked. He noted that in the pilot phase, the system showed promising results, achieving a non-performing loan (NPL) ratio of 1.4%, a sharp improvement over the national average of 20.7% reported in 2023 by the Bank of Ghana.
Dr. Bawumia explained that myCreditScore introduces a much-needed tool to evaluate creditworthiness, improving transparency for borrowers and reducing risks for lenders. He highlighted the initiative’s alignment with the Credit Reporting Act of 2007, which was intended to build a legal framework for credit reporting in Ghana but had stalled until now.
Reflecting on the journey that began in 2007, when he was Deputy Governor of the Bank of Ghana, Dr. Bawumia expressed satisfaction at seeing this long-awaited system come to life. He emphasized the government’s commitment to partnerships with the private sector, noting that the Ghanaian private sector has led the development of many digital innovations he has championed.
Dr. Bawumia acknowledged the support of the Bank of Ghana and private sector players for their contributions to launching the credit scoring initiative, which he described as a transformative achievement for Ghana’s financial sector.
As he concluded, Dr. Bawumia shared his optimism: “We are building a Ghana where financial inclusion is real, dreams are within reach, and every Ghanaian has a chance to achieve financial security and prosperity.”
