The Bank of Ghana has approved a landmark partnership between local credit reporting agency XDS Data Ghana Ltd and US-based Nova Credit Inc., aimed at easing access to financial services for Ghanaians living overseas.
Announced in the 2024 Credit Reporting Report, the initiative tackles the persistent challenge of “credit invisibility” faced by many Ghanaians abroad, who often struggle to open bank accounts, rent apartments, or secure loans due to a lack of recognized credit history in their host countries.
Through this collaboration, credit histories from Ghana can be securely shared at the borrower’s consent with lenders, landlords, and service providers in countries such as the United States, Canada, the United Kingdom, and Australia.
Under the agreement, XDS Data Ghana will act as the official data provider and verifier, while Nova Credit will translate Ghanaian credit records into formats usable by foreign financial institutions.
The Bank of Ghana says the service will empower Ghanaians in the diaspora to access vital services including credit cards, rental agreements, and mobile phone contracts, helping them integrate more easily into their new economies.
Industry experts note that beyond convenience, the partnership represents a critical step in extending financial inclusion beyond Ghana’s borders, enabling migrants to build stronger economic foundations abroad.
