Vice President and New Patriotic Party (NPP) Flagbearer, Dr Mahamudu Bawumia, has announced the upcoming launch of Ghana’s first individualised credit scoring system, scheduled for November 7.
Speaking at a youth engagement on November 3, Dr. Bawumia emphasised the significance of digitalisation initiatives his administration has spearheaded and their long-term impact on Ghana’s economy.
The Vice President highlighted how this credit scoring system will transform financial accessibility in Ghana, making it easier for citizens to access loans based on individual credit scores.
He expressed pride in positioning Ghana among a select few African nations with an advanced, reliable credit scoring system, noting that South Africa is currently the only African nation with a similar system, though countries like Mauritius, Kenya, and Egypt have partial implementations.
“When we came into the office, we put in these three pieces [Ghana Card, Digital addresses, Mobile Money Interoperability] and this is now the foundation for credit scoring. So, when we were talking digital, people could not relate it to the economy, they couldn’t see it. They said why is this man always focusing on digitalisation instead of the economy, but the digital is going to give you money.
“So, we have now put all these in place, and I thought that we would be able to start the credit scoring system next year, but by the grace of God, we are going to start it this year. It is going to make life much easier for Ghanaians as we build our credit for them to be able to access loans, just like they do abroad. I have been told that the country in Africa with the credit scoring system is South Africa.
“There are some systems in Mauritius, Kenya, and Egypt, but they are not as effective. But be that as it may, we will be joining the few countries in Africa with individualised credit scoring systems. I will launch Ghana’s credit scoring system on November 7. So, just in a few days time, Ghana will join when we were thinking only exist overseas,” he stated.
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