In a move set to reshape Ghana’s financial landscape, Vice President Dr. Mahamudu Bawumia has officially launched MyCreditScore, a National Credit Scoring System designed to enhance financial inclusion and support the formalization of the country’s economy.
Developed in collaboration with private sector partners, the MyCreditScore system introduces a modern approach to credit access by evaluating individuals’ creditworthiness based on their financial behaviour, including payment history.
This initiative is expected to streamline credit processes, allowing Ghanaians to make purchases without the immediate need for cash while also promoting responsible borrowing practices.
At the official launch, Dr. Bawumia emphasized the system’s role in empowering citizens to secure financing and build positive credit profiles.
He noted that the platform would not only benefit individual consumers but also strengthen financial institutions by promoting responsible lending and reducing the high rates of Non-Performing Loans (NPLs) in the sector.
The MyCreditScore platform will enable Ghanaians to engage in credit-based transactions across various sectors, easing financial burdens and providing a pathway to better financial opportunities.
It is expected to be accessible to all citizens, with encouragement for banks, lenders, and merchants to integrate the system into their operations to streamline access to credit nationwide.
Dr. Bawumia also highlighted that MyCreditScore aligns with the government’s commitment to a digitized, inclusive economy. The initiative is part of the broader vision to digitally transform Ghana’s financial systems, enhance economic resilience, and foster sustainable growth across the country.
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