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The Vice President, Dr. Mahamudu Bawumia, has launched the National Credit Scoring System, branded as MyCreditScore in a bid to boost financial inclusion and advance the formalization of Ghana\u2019s economy.<\/p>\n
The government said the initiative is to transform credit access for Ghanaians providing a streamlined, cash-free way to make purchases and fostering a culture of financial responsibility.<\/p>\n
Vice President Dr. Bawumia said the initiative is expected to help reduce the high rate of Non-Performing Loans (NPLs) that currently affect financial institutions in the country.<\/p>\n
Dr. Bawumia said MyCreditScore aligns with the government\u2019s broader vision of a digitized and inclusive economy, underscoring that the credit scoring initiative represents an important milestone in Ghana\u2019s journey toward digital transformation and economic resilience.<\/p>\n
The platform 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.<\/p>\n
It evaluates individuals’ creditworthiness based on payment history and financial habits and offers a more comprehensive approach to credit access.<\/p>\n
This will also allow Ghanaians to make purchases and engage in financial transactions without requiring physical cash.<\/p>\n
This credit-based purchasing model is expected to ease the financial burden on consumers and enable them to build positive credit histories.<\/p>\n
MyCreditScore 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.<\/p>\n
SSD<\/p>\n
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