Ghana’s Vice President Dr. Mahamudu Bawumia has launched MyCredit Score, a credit scoring platform, designed to improve access to credit and support financial inclusion.
The platform, available to individuals and businesses, provides a standardized credit score to help lenders assess applicants more effectively and responsibly.
Why it matters
Access to fair and transparent credit has been a significant barrier in Ghana’s financial landscape, especially for individuals and small businesses lacking formal credit histories.
MyCreditScore aims to bridge this gap by creating a single, accessible score that lenders can use to make informed decisions, expanding credit access across the country.
Details
- How it Works: MyCredit Score aggregates data from financial institutions and other sources to create a credit profile for users. The platform uses factors like repayment history, loan inquiries, and account balances to generate a score.
- Accessible to All: Individuals and businesses can access their credit scores and reports online, allowing them to understand their credit health and work toward improving it.
What’s next
MyCreditScore will begin rolling out across Ghana, with educational campaigns planned to help users understand how credit scores work and how they can improve their financial profiles.
The platform is also expected to add new features like credit score alerts and financial literacy resources, positioning itself as a key tool for financial growth in Ghana.
Source:
techlabari.com
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