Bawumia launches 'touted' Credit Scoring System

Bawumia noted that the initiative aligns with the government’s commitment to a digitized and inclusive economy, underscoring MyCreditScore as a key step towards sustainable economic growth. “For the first time, Ghanaians will have access to a credit score that can open doors to improved financing options, helping them to realize their goals and contribute to economic growth,” he said.

He added that the system rewards responsible financial behavior, enabling Ghanaians to transparently and confidently demonstrate their creditworthiness. He emphasized the core objectives of MyCreditScore is to create a financial environment that fosters trust between borrowers and lenders.

Bawumia highlighted that the system would promote responsible lending practices by providing financial institutions with more accurate assessments of individuals’ creditworthiness.

The successful launch of the credit scoring system for Ghana, is a culmination of a dream which started 17 years ago when Mahamudu Bawumia was deputy governor of the Bank of Ghana, leading to the passage of the Credit Reporting Act by Parliament in 2007.

Last updated Nov 14, 2024, 10:18 AM