Ghana to launch national credit scoring system on November 7

Ghana will officially launch a national credit scoring system on November 7, 2024, a groundbreaking initiative aimed at improving citizens’ access to credit.

The Vice President of Ghana, Dr. Mahamudu Bawumia, announced the development during a public engagement, emphasizing the positive impact this system will have on financial inclusion and economic empowerment.

The credit scoring system will allow

Read full articleindividuals with a Ghana Card to make purchases on credit and pay in installments, providing much-needed flexibility to many Ghanaians.

"We have completed the work on the credit score system, and on November 7, we will launch Ghana’s scoring system," said Dr. Bawumia. He noted that Ghana would be the second country in Africa to adopt such a system after South Africa.

This new framework is supported by existing infrastructure such as the national address system, National Identification system, and mobile money interoperability.

These foundational elements, according to Dr. Bawumia, "position Ghana well to successfully implement a credit scoring system, giving citizens the opportunity to unlock their financial potential."

The introduction of this credit score system is expected to expand access to credit for a broad segment of the population, enabling businesses and individuals to thrive by improving their access to financial services.

The initiative is seen as a major step towards empowering more Ghanaians and fostering economic growth.