The Bank of Ghana is expecting the newly registered credit bureau company to use its robust technology and modern tools to enhance the country’s credit rating scores.
The Central Bank granted a provisional license to My Credit Score company, a wholly Ghanaian own credit rating Bureau this year to support banks with assessing clients for various loans and credit facilities.
Speaking at the launch of the Ghana Global Financial Infrastructure program phase two, Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, described the development as a game changer saying, the new entry will provide efficient credit record system for the financial sector.
“We have recently granted a provisional approval to one credit bureau company to make it potentially three in the country. It will enable it begin some work upon which they get their operations together and based on their final approval begin full operations”.
“This new entrant comes with a lot more technology and operational capacity to provide more granular services to market players. Then we have also increased the capital requirements for these credit bureaus. We’re telling them that the market is growing bigger and the need for them to strengthen their capacity to be able to meet the growing demand ” she said.
Country Manager for the International Financial Cooperation, Kyle Kelhofer assured that women led businesses will benefit immensely from the new programme.
“Access to finance is critical driver for business growth and innovation. IFC and our partners aim to bridge the financing gap for women-owned Enterprises and undeserved individuals ” he noted.
The event was also used to sign a partnership agreement between the Office of the Registrar of Companies, the IFC and the Bank of Ghana.