Vice President and NPP Presidential Candidate Dr. Mahamudu Bawumia has launched myCreditScore, a new credit reference and scoring system aimed at transforming access to credit for Ghanaians.
Supported by the Bank of Ghana, the system allows individuals to demonstrate their creditworthiness transparently, enabling them to secure more significant loans.
Launched in Accra on Thursday, November 7, 2024, Dr. Bawumia hailed the event as a pivotal milestone in fostering a financially inclusive society and addressing long-standing issues in Ghana’s lending practices.
Dr. Bawumia highlighted the persistent challenges within the credit landscape, including a high non-performing loan (NPL) rate that stood at 24.3% as of August 2024, peaking at 26.7% earlier this year.
He explained that the lack of an effective credit information system had increased lending risks and restricted credit availability.
The myCreditScore system, which provides real-time credit data and borrowing histories, aims to mitigate these issues, promoting transparency and lowering default rates.
The pilot project showcased an impressive reduction in NPLs to 1.4%, compared to the 20.7% average reported in 2023.
Dr. Bawumia emphasized that the initiative aligns Ghana’s credit practices with global standards and fosters responsible borrowing.
He recalled that the foundation for this development was laid with the passage of the Credit Reporting Act in 2007 during his tenure as Deputy Governor of the Bank of Ghana, though progress stalled after a change in government in 2009.
The Vice President expressed gratitude to the Bank of Ghana and private sector stakeholders, praising their collaboration in making myCreditScore a reality.
Underscoring the role of local ingenuity, Dr. Bawumia noted that the system is a testament to Ghana’s thriving private sector’s capacity to drive digital innovation.
He concluded on an optimistic note, asserting that this advancement signals a new era for financial inclusion, where Ghanaians can access credit more equitably, fostering economic growth and security.
