MyCredit Score Limited, a Ghanaian company with a mission to promote financial inclusion through responsible borrowing, has been granted Provisional Credit Bureau License by the Bank of Ghana. This approval marks a significant step forward for the company’s mission to empower Ghanaians with access to fair and accurate credit assessments.
The company, although not fully operational yet – pending the full license from the Bank of Ghana, is actively engaged in groundwork to pave the way for its impactful initiatives. Central to its mission is the empowerment of Ghanaians with the necessary tools and resources to understand credit, manage debt effectively and make informed financial decisions.
One of the directors promoting the company to be licensed remarked: “Our core mission is to provide unbiased and accurate information by leveraging already available data to help individuals make responsible borrowing practices and for businesses to make informed lending decisions”.
Understanding the critical role that credit scoring plays in facilitating economic growth and individual financial well-being, MyCreditScore is set to transform the credit landscape in Ghana. Currently, the lack of reliable credit assessment often imposes significant barriers for individuals seeking basic necessities such as housing and transportation. Acquiring a loan often necessitates a guarantor, a system that can be cumbersome and quite frustrating. However, MyCreditScore envisions a future where a good credit report becomes the sole key to unlocking loan opportunities.
“In Ghana, due to the absence of credit assessment, individuals often face hurdles in accessing essential services such as renting a decent place to live. Many are compelled to pay exorbitant sums up front, often equivalent to two years’ rent. With credit scoring, the average Ghanaian will have the opportunity to obtain credit to rent a place of their choice and pay monthly, provided they have a good score,” another promoter explained.
Furthermore, the absence of creditworthiness assessment stifles opportunities for economic advancement, hindering individuals from fulfilling aspirations such as owning a car for improved commute comfort. MyCreditScore aims to address such challenges by leveraging credit scoring to facilitate access to credit for individuals with promising credit profiles.
Another Director also remarked: ‘With creditworthiness assessment, individuals like the young working-class male aspiring to purchase a car will find it much easier to obtain financing. This not only enhances their quality of life, but also stimulates economic activity”.
In line with its commitment to expanding access to credit scoring services, MyCreditScore is in advanced discussions with the National Information Technology Agency (NITA) to collaborate on its CitizenApp project. This strategic partnership aims to leverage technology to democratise access to credit scoring, making it accessible to all Ghanaians, including the average citizen.
“The Citizen App project presents an unprecedented opportunity to distribute our services and fulfil our mission of bringing financial inclusivity to all segments of society. By leveraging the Ghana Card, which serves as a reliable source of national identification, we can securely access data to generate credit scores and extend financial services to previously underserved populations,” the Promoter Director asserted.
MyCreditScore is also actively exploring partnerships with Fintechs, payment service providers, microfinance institutions, saving & loans and banks to ensure seamless facilitation of credit and loan facilities. By harnessing the power of data and technology, the company envisions a financially inclusive future where every Ghanaian has access to fair and transparent credit assessment, irrespective of their socio-economic background so long as their credit scores are good.
With the provisional license in hand, MyCreditScore is poised to further its mission of financial inclusion and responsible borrowing in Ghana. The company remains dedicated to its vision of a brighter financial future for all Ghanaians, supported by fair access to credit and informed financial decision-making.
