Tanzania: Credit Reference Bureau Opens in Dar es Salaam
Tanzania, June, 27 2013 -
CREDITINFO International Company has opened a Credit Reference Bureau in the country to complement the government efforts towards creating sound financial infrastructure.
The bureau, the first to receive a business licence from the Bank of Tanzania (BoT), will offer services to members of the public and businesses that qualify for the service as provided under the BoT Act 2006.
Addressing a news conference in Dar es Salaam, Director of Credit Bureau Expansion Hakon Stefansson said the bureau will deal with banks and non-bank financial institutions, savings and credit schemes, microfinance companies and other BoT licensed and supervised firms.
"The bureau would ensure responsible lending and borrowing which is important for the developing economies," he said, adding that many banks in the country have already shown interests of working with the bureau.
Through provision of credit reporting system, the bureau will improve credit risk and portfolio management as well as enhance financial supervision, financial sector stability and access to credit facilities.
Director of Creditinfo Tanzania Davith Kahwa said the credit bureau was in advanced negotiations with public information providers to access data that will help in the development of value-added products.
"We anticipate that reliable, credible and accessible information will revolutionise the way credit decisions are made in Tanzania, facilitate effective risk management and speedy decisions as well as accurate pricing and reduced interest rates," he noted.
Persons who had difficulties in accessing credit due to lack of collateral will now be better positioned to get the service with the demonstration of an excellent credit history and credit score.