Dr. Mahamudu Bawumia, Vice President, has announced plans for Ghanaians to use their Ghana Cards to purchase cars on credit with installment payment options.
The announcement, made during his address to the Kwame Nkrumah University of Science and Technology’s (KNUST) 57th Congregation on November 24, reflects a significant step forwards in the country’s ongoing digitalisation efforts.
According to him, this move is part of the country’s ongoing digitalisation efforts, and discussions with local automobile companies, including Solar Taxi, are underway to facilitate this innovative programme.
“The Ghana Card will serve as the cornerstone for a credit system in Ghana, with plans for selected car manufacturers, particularly Solar Taxi, to offer cars on credit to individuals,” as quoted by asaaseradio.com
Dr. Bawumia emphasised that the Ghana Card will be the only requirement for these transactions, simplifying the process of acquiring cars and allowing individuals to make payments over a set period of time.
This initiative aims to integrate digital solutions into economic activities even further.
In addition to the car purchase programme, the vice president stated that a credit scoring system for individuals will be introduced in 2024.
This system is intended to help individuals establish a reliable credit history, thereby contributing to the overall growth of the financial sector. The goals include addressing trust issues, lowering business costs, and encouraging financial discipline.
“Ghana will be implementing a credit scoring system for individuals next year. Every individual will be assigned a credit score.
Currently, our credit scoring system is non-existent, leading to perceptions of risk. This initiative will change that,” the Vice President declared.
The Ghana Card, issued by the National Identification Authority (NIA), serves as Ghanaian citizens’ national identification card. This biometric smart card uses fingerprint and facial recognition technology to ensure accurate identity verification.
The Ghana Card is intended for a variety of purposes, including voter registration, access to government services, and meeting other identification requirements, in addition to facilitating car transactions.
The Ghana Card is part of the government’s larger initiative to create a comprehensive and reliable national identification system.
This system aims to improve service delivery efficiency, reduce identity fraud, and promote transparency across different sectors.
SOURCE: hellovybes.com
