Dr Mahamudu Bawumia, Vice President of Ghana, has said that it will shortly be possible for citizens of the country to purchase cars on credit and make payments by instalments using the Ghana Card.
During his address at the 57th Congregation of the Kwame Nkrumah University of Science and Technology [KNUST], held on November 24,. expressed his thoughts on the matter.
Dr. Mahamadu Bawumia, Ghana's Vice President recently announced a new initiative to promote digitalization within the economy. This initiative involves working with local auto companies, such as Solar Taxi, to provide car loans to consumers using their Ghana Card as the credit system. According to Dr. Bawumia, this would allow individuals to acquire cars and make payments over time, without needing any other form of collateral.
Additionally, the Vice President of Ghana has announced that the country will be introducing a credit scoring system for individuals beginning next year. The system is designed to establish a reliable credit history for individuals, improve the financial sector, address trust issues, reduce business costs, and promote financial discipline. Additionally, the Vice President explained that the credit scoring system will work to address the current lack of a scoring system, which leads to increased perceived levels of risk.
The National Identification Authority (NIA) has created the Ghana Card, a secure and dependable smart card used by Ghanaian citizens for verifying their identity. The Ghana Card contains a variety of biometric data, such as fingerprints and facial recognition, to ensure accurate identity authentication. With the Ghana Card, citizens will be able to register to vote, access government services, and more. This cutting-edge card is the primary form of identification for Ghanaians.
The Ghana Card is a new measure taken by the state, aiming to optimize service delivery, prevent identity fraud, and increase transparency. This is done by establishing an effective and comprehensive national identification system.
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