Vice President Bawumia Launches Ghana’s First Credit Scoring System, “myCreditScore”
Ghana’s Vice President, Dr. Mahamudu Bawumia, has launched “myCreditScore,” a pioneering digital credit scoring system that aims to enhance financial inclusion by offering individuals a transparent way to demonstrate their creditworthiness. Supported by the Central Bank, the system is designed to reward Ghanaians with favorable credit behavior by giving them access to larger loans and better financial opportunities.
Speaking at the launch in Accra, Dr. Bawumia called the new system “a step forward in building a dynamic credit economy.” He highlighted that myCreditScore marks a significant milestone in Ghana’s journey towards a financially inclusive society. The system’s introduction is expected to alleviate longstanding lending issues by offering banks a reliable method to assess creditworthiness, thus reducing high lending risks.
One major goal of myCreditScore is to address Ghana's high rate of non-performing loans (NPLs), which stood at 24.3% in August 2024, a sign of challenges within the financial ecosystem. With the credit scoring system in place, lenders will have access to timely, accurate, and transparent data on borrowers, helping to mitigate lending risks. Dr. Bawumia noted that a pilot project showed a reduction in NPL ratios to just 1.4%, compared to the 20.7% average reported in 2023 by the Bank of Ghana.
The Vice President also shared that myCreditScore represents the fulfillment of a vision first initiated in 2007, during his tenure as Deputy Governor of the Bank of Ghana, when Parliament passed the Credit Reporting Act. However, the project was delayed due to political changes. Now, the system is fully realized, thanks to a partnership between the government, the Central Bank, and Ghana’s private sector, which spearheaded the system’s development and digital capabilities.
With myCreditScore, Dr. Bawumia expressed optimism that Ghana’s financial ecosystem will align with international credit standards, promote responsible borrowing, and support economic growth. He concluded, “This initiative sets Ghana on a path toward a future where every Ghanaian can achieve financial security and prosperity through responsible lending and borrowing practices.”
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