BoT gives nod to start of credit bureau’s dealing

The Bank of Tanzania has officially granted a full operation licence to Creditinfo, which is a credit reference bureau.
Creditinfo group director Hakon Stefansson said banks will now be able to make informed decisions with quality and accurate information.
“The CRB ensures responsible lending and borrowing, which is particularly critical for the growing economies. Currently, there are more than 50 banks holding business licence from the BoT. 

It is important that they are furnished with adequate risk assessments for them to operate successfully and contribute to country’s development,” he said.
Creditinfo boss pointed out that they have the entire infrastructure and data centre in place.
Mr Stefansson stated that the system will improve credit risk and credit portfolio management, enhance financial supervision and financial sector and access to credit, adding that they are delighted to have the opportunity to contribute to the country’s efforts of creating a sound financial infrastructure.
Banks have often singled out the high loan default rates as a major factor leading to high interest rates.
Creditinfo Tanzania director Davith Kahwa said negotiations with public information providers for  access to various data were at an advanced stage.
Source: The Citizen,reported from Dar es Salaam

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