Dr. Mahamudu Bawumia
Vice President Dr. Mahamudu Bawumia yesterday launched the much anticipated MyCreditScore, a groundbreaking platform designed to transform the country’s financial landscape and bring unprecedented inclusivity to the credit economy.
Dr. Bawumia, speaking at the launch, said his vision of a robust credit economy aligns with the unique realities of the country’s financial sector, where mobile money has outpaced traditional banking, reaching over 22 million users.
“By enabling a fairer and more consistent evaluation of creditworthiness, MyCreditScore is expected to reduce defaults significantly, strengthen confidence among financial institutions, and expand access to credit for individuals and businesses alike,” he said.
Dr. Bawumia observed that the initiative reflects a broader commitment to sustainable economic growth, where financial stability and trust in credit practices play foundational roles.
He emphasised the importance of the platform, highlighting that MyCreditScore goes beyond conventional credit tracking to help Ghanaians take control of their financial health and make informed choices.
“By offering a clear three-digit credit score, the platform provides a snapshot of each user’s credit worthiness, which lenders, employers, landlords, and other service providers can use for risk assessment and decision-making,” he said.
He explained that unlike traditional bank-led credit systems, MyCreditScore relies on data from various sources, including mobile money transactions, utility payments, and demographic information tied to the Ghana Card.
“The system promotes transparency and proactive credit management. Users receive alerts on any changes to their credit score, helping them stay aware of potential issues that could impact their financial future. Additionally, it will assist individuals in understanding the effect of their economic actions, guide them in building a solid credit profile, and encourage responsible borrowing,” he said.
The Vice President, who is also the flagbearer of the New Patriotic Party (NPP), said one of the most transformative aspects of MyCreditScore is its potential to expand financial access in the country.
He noted that in many developed countries, credit scores play a vital role in everyday life, facilitating access to loans, mortgages, and other essential credit-based products.
“With MyCreditScore, Ghana now has a similar system that supports its citizens, bringing the nation closer to a truly inclusive credit economy.
“MyCreditScore will open the door for Ghanaians to acquire credit cards, providing them with the opportunity to make purchases for goods and services they may have previously found out of reach,” he said.
Dr. Bawumia expressed confidence that MyCreditScore will reduce Ghanaians’ borrowing costs, enabling them to save money over time and make sustainable financial choices.
A Daily Guide Report
