MyCredit Score Limiteda Ghanaian company with a mission to promote financial inclusion through responsible lending, has received Temporary Credit Bureau License from Bank of Ghana.
Details
The company, although not fully operational pending full authorization from the Bank of Ghana, is actively engaged at the grassroots to pave the way for its major initiatives.
Because this matters
Currently, the lack of a reliable credit rating often imposes significant barriers for people seeking basic necessities such as housing and transportation. Obtaining a loan often requires a guarantor, a system that can be cumbersome and quite frustrating.
Moreover, its absence credit rating it stifles opportunities for economic advancement, preventing individuals from fulfilling their aspirations, such as owning a car for improved transportation convenience.
MyCredit Score aims to address such challenges by leveraging credit scores to facilitate access to credit for people with promising credit profiles.
What they say
- A director of MyCredit Scrore remarked, “Our core mission is to provide unbiased and accurate information leveraging already available data to help individuals make responsible lending practices and businesses to make informed lending decisions.
- “In Ghana, due to the absence of a credit rating, individuals often face barriers to accessing basic services such as renting a decent place to live.
Many are forced to pay exorbitant amounts up front, often the equivalent of two years’ rent. With credit score, the average Ghanaian will have the opportunity to get credit to rent a place of their choice and pay monthly, provided they have a good credit score,he explained. - Another manager also noted, “With a credit score, people like the young working-class man who aspires to buy a car will find it much easier to get finance. This not only improves their quality of life but also stimulates economic activity.”
Zoom in
MyCredit Score is currently in discussions with National Information Technology Agency (NITA) to cooperate in it CitizenApp work.
This strategic partnership aims to leverage technology to democratize access to credit scoring, making it accessible to all Ghanaians, including the average citizen.
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