The Bank of Ghana (BoG) has given its approval for a new partnership between local credit reporting agency XDS Data (Ghana) Ltd and US-based Nova Credit Inc.
The collaboration was announced by the central bank in the Credit Reporting report for the year 2024.
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The collaboration is set to address the “credit invisibility” challenge faced by Ghanaians living abroad, who often struggle to access essential financial services due to a lack of recognised credit history in their new country.
This partnership will enable Ghanaians residing in countries like the United States, Canada, the United Kingdom, and Australia to have their credit histories from Ghana securely shared with lenders, landlords, and other service providers in their host countries.
According to the Bank of Ghana, this initiative is a crucial step towards mitigating the financial barriers that mobile individuals face.
BoG stated the partnership will empower Ghanaians abroad to qualify for essential services such as bank accounts, credit cards, rental agreements, and mobile phone plans, which are often out of reach without a local credit score.
Under the agreement, XDS Data Ghana Limited will serve as the data contributor and verification source.
The company will securely share the credit information of Ghanaian individuals, with their permission, with Nova Credit, which specialises in translating international credit data for use by financial institutions and other service providers globally.
This cross-border credit reporting service is expected to significantly improve the financial inclusion of Ghanaians in the diaspora, allowing them to establish a financial foothold and participate more fully in the economies of their new homes.
