The Bank of Ghana (BoG) has given its approval for credit bureaus to begin implementing credit scoring in the country, a move aimed at enhancing responsible lending and strengthening the national credit infrastructure.
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This development follows significant improvements in Ghana’s credit reporting system, including the availability of high-quality historical data.
This was disclosed by the central bank in the 2024 credit report.
The decision to approve credit scoring is expected to bring several key benefits.
According to the Bank of Ghana, the new regime will “significantly improve lending efficiency, lower default rates, and unlock credit for underserved populations who may lack collateral but demonstrate responsible borrowing behaviour”.
The initiative aligns with the central bank’s commitment to promoting financial inclusion.
Following the Bank of Ghana’s approval, two credit bureaus have already rolled out their new scoring products.
MyCredit Score Limited, a newly licensed credit bureau, launched its credit scoring product, and Dun & Bradstreet Credit Bureau Limited also introduced its own solution, showcasing the industry’s dedication to providing innovative services.
The Bank of Ghana has stated it would continue to oversee and monitor the scoring methodologies used by these credit bureaus to ensure the system remains fair and that consumer interests are protected.
The introduction of credit scoring is one of several developments in the credit reporting system during the year.
Other changes include the licensing of MyCredit Score Limited as the third credit bureau, the expansion of data providers to include non-traditional institutions, and the launch of a cross-border credit referencing partnership to assist Ghanaians living abroad.
