Bawumia launches MyCreditScore

In a major move to enhance financial inclusion and formalize Ghana’s economy, Vice President Dr. Mahamudu Bawumia has launched the National Credit Scoring System, known as MyCreditScore.

This innovative platform aims to transform credit access for Ghanaians by offering a streamlined, cash-free way to make purchases while encouraging financial responsibility. Developed in partnership with private sector stakeholders, MyCreditScore introduces a credit scoring model that simplifies the process of securing loans and financing.

The system evaluates individuals' creditworthiness based on their payment history and financial behavior, creating a more accessible pathway for Ghanaians to build and maintain credit profiles.

At the launch, Vice President Bawumia highlighted the platform's potential to empower citizens and support financial institutions by fostering responsible lending practices. He noted that the initiative aims to reduce the high rate of Non-Performing Loans (NPLs) that currently challenge Ghana's financial sector.

With MyCreditScore, Ghanaians can now make purchases and conduct financial transactions without needing immediate cash, easing financial pressures while enabling users to build positive credit histories.

The platform will be available to all Ghanaians, with financial institutions, lenders, and merchants encouraged to adopt MyCreditScore in their operations, making credit access more accessible across sectors.

Dr. Bawumia emphasized that MyCreditScore aligns with the government’s vision for a digitized, inclusive economy, marking a significant step in Ghana's digital transformation journey and bolstering economic resilience.