For millions of Ghanaians who work in the informal sector or the gig economy, getting a loan from a bank has always been difficult. Without a formal salary slip or a traditional credit history, banks often see them as too risky. But the Bank of Ghana (BoG) is now looking at a different way to assess creditworthiness: your mobile money transaction history.
The idea is simple. Instead of relying on bank statements or credit bureau reports, lenders could use your MoMo records to see how much money moves through your account, how regularly you receive income, and whether you pay your bills on time. For informal workers like market traders, drivers, artisans, and freelancers, this could be a game changer.
Why MoMo History Matters for Credit
Mobile money is already deeply embedded in Ghana’s economy. According to the Bank of Ghana, mobile money transactions have grown significantly over the years, with millions of Ghanaians using services like MTN MoMo, Vodafone Cash, and AirtelTigo Money every day. For many informal workers, their MoMo account is their primary financial tool. They receive payments, send money, pay for goods, and even save through it.
But until now, that data has not been used to build a credit profile. Traditional credit scoring models require a formal banking relationship, which excludes a large portion of the population. By using MoMo transaction history, the BoG hopes to create an alternative credit scoring system that reflects the real financial behaviour of informal workers.
This move aligns with the BoG’s broader push for financial inclusion. In recent years, the central bank has introduced policies to make digital payments more accessible and to encourage the use of mobile money for savings and lending. If this plan works, it could unlock access to loans, insurance, and other financial products for people who have been left out of the formal system.
What This Means for Informal Workers and Gig Economy Users
For someone who sells goods at a market or drives for a ride-hailing service, a loan can mean the difference between expanding a business or staying stuck. But without a credit score, they often have to rely on informal lenders who charge high interest rates or family and friends who may not have the funds.
If MoMo history becomes an accepted credit score, a trader could apply for a small loan based on their consistent daily deposits. A freelancer who receives irregular payments but has a long history of transactions could also qualify. The system would look at patterns, not just a monthly salary.
Insurance is another area where this could help. Many informal workers do not have health or life insurance because providers cannot assess their risk. With transaction data, insurers could offer micro-insurance products tailored to the person’s income and spending habits.
However, there are still questions. How will the BoG ensure that the data is used fairly? Will users have to give explicit consent? And what about privacy? The central bank has not yet released detailed rules, but these are important issues that need to be addressed before the system can work.
Challenges and What to Watch Next
One challenge is that not all MoMo users have a consistent transaction history. Some people use mobile money only occasionally, while others may have multiple accounts. The scoring model will need to account for these differences.
Another issue is data security. Mobile money records contain sensitive information about a person’s finances. If lenders get access to this data, there must be strong safeguards to prevent misuse. The BoG will likely need to set clear guidelines on how data can be collected, stored, and shared.
For now, the plan is still in the early stages. The BoG has announced its intention, but the details of implementation are not yet public. It is not clear when the system will be ready or which lenders will participate first.
What is clear is that this could be a major step forward for financial inclusion in Ghana. If done right, it could give millions of informal workers a fair chance to access credit and insurance. For anyone who relies on mobile money for their daily transactions, it is worth paying attention to how this develops.
In the meantime, users can start thinking about their own MoMo habits. Regular transactions, consistent savings, and timely bill payments could all help build a positive digital footprint. That footprint may soon be the key to unlocking financial opportunities.
