- Dr. Bawumia proposes credit scoring system to improve financial access.
- System to be backed by digital identity and address for all citizens.
- Opponents criticize proposal, but Bawumia says they lack understanding.
- Credit scoring system aims to increase financial inclusion and economic growth.
Dr. Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), has responded to criticism over his proposed credit scoring system. During a 3i Summit in May 2024, Dr. Bawumia emphasized the need for a functional individualized credit scoring system.
He believes this system, backed by a digital identity and address for all citizens, will de-risk the financial ecosystem and reduce borrowing costs. Dr. Bawumia noted that Africa is rapidly embracing digital technologies, with Ghana leading the way in mobile money and financial inclusion over the past seven years.
However, his proposal has faced criticism from some Ghanaians and politicians, who have raised concerns about its feasibility. In response, Dr. Bawumia expressed disappointment in a Facebook post, stating that his opponents often criticize without understanding the context.
He highlighted the progress made in issuing the Ghana Card, merging databases, and achieving mobile money interoperability, which sets the stage for a credit scoring system. Dr. Bawumia explained that such a system would enable ordinary Ghanaians to access essential goods like cars and mobile phones, secure loans at lower interest rates, and even obtain free phones with a contract.
He urged his opponents to think in terms of possibilities rather than impossibilities, and to consider the potential benefits of a credit scoring system. By implementing a credit scoring system, Dr. Bawumia believes Ghana can take a significant step forward in promoting financial inclusion and economic growth.
