I Am Using Digitalization To Solve Economic Problems — Bawumia

Vice President Dr Mahamudu Bawumia has stated that he is using digitalization to solve economic problems.

Surprisingly, when he was pushing for the implementation of some projects, many people erroneously said he had abandoned economics to pursue digitalization.

Dr Bawumia who is the presidential candidate of the NPP in the upcoming elections said this when he launched myCreditScore, the individualised credit scoring system for Ghana in Accra on Thursday, November 7.

The system will offer individual Ghanaians opportunity to demonstrate their credit worthiness transparently, through a scoring system, which will enable them access credit from financial institutions to purchase items they need.

Risk
The Vice President noted that the lack of a credit information system increased the risk of lending and causes financial institutions to provide less credit. “A credit reporting system in Ghana will provide timely, accurate and up-to-date information on the debt profile and repayment history of borrowers and would lead to a number of benefits.”

Interoperability
Touching on mobile money interoperability, the Vice President said its implementation between banks and mobile companies, has ensured that Ghana becomes the only country in Africa that is ranked as having 100% access to financial inclusion.

“I remember that when I made the statement in 2017 that with the implementation of mobile money interoperability every Ghanaian will be able to have a bank account, many did not understand it. They even made jokes out of it. They did not think it was possible but today we have made it possible. A MoMo account has effectively become a bank account thanks to interoperability and anyone who wants one can get it.”

Journey
Dr Bawumia said the successful launch of a credit scoring system for Ghana, is a culmination of a dream which started 17 years ago when he was Deputy Governor of the Bank of Ghana, leading to the passage of the Credit Reporting Act by Parliament in 2007. “Unfortunately, the process of an individualised credit scoring system for Ghana stalled between 2009 and 2016, following the change of government.

“Today’s launch is a significant milestone and a bold step forward in building a dynamic credit economy for Ghana and for all Ghanaians.

Homegrown
Dr Bawumia said MyCreditScore, which is proudly Ghanaian, is a private sector initiative, demonstrates what can be achieved by Ghanaians. “Let us continue to move forward with optimism and purpose, knowing that together, we are building a Ghana where financial inclusion is real, dreams are within reach, and every Ghanaian has the chance to achieve financial security and prosperity,” he stated.