03 December 2024 – Creditinfo, a global credit bureau and information services group, and Esgrid, a value chain sustainability platform, have joined forces to create ESG Hub, a centralised ESG data registry for the Baltic region. This one-of-a-kind platform is designed to simplify how businesses collect, analyse, and share Environmental, Social, and Governance (ESG) data—bridging the gap between rising sustainability demands and the practical challenges companies face in meeting them.
At present, ESG data remains fragmented, with no unified standard in place, complicating efforts for businesses and financial institutions alike. ESG Hub will address this gap by providing a comprehensive, single-source platform that combines quantitative and qualitative ESG insights. This will empower financiers and investors to make more transparent decisions while considering the environmental, social, and governance impacts of the companies they engage with.
Creditinfo will contribute its robust data collection capabilities by aggregating information from public and private registries, while Esgrid will work closely with businesses to capture and verify missing ESG data. Together, the partnership promises a reliable, end-to-end solution for ESG visibility and compliance.
Nele Roostalu, Product Development Manager at Creditinfo, highlighted the timeliness of the initiative:
“Integrating ESG metrics into the Baltic market is an essential step forward. By combining our expertise in trusted data management with ESG-focused solutions, we’re equipping businesses and financial institutions to operate more responsibly and transition to sustainable business models.”
Elari Tammenurm, Managing Director of Creditinfo Estonia, added:
“For over 30 years, we’ve empowered companies to make smarter business decisions. ESG data represents the next leap, enabling actionable solutions to promote sustainability.”
Oksana Tolmatshova, Co-Founder and CEO of Esgrid, emphasised the practical value of the new platform:
“Access to ESG data is critical for sustainable financing and procurement. Our collaboration with Creditinfo delivers a solution that significantly reduces bureaucracy and enhances companies’ competitiveness on both regional and international levels.”
ESG Hub is already in development, with the first phase set to roll out by the end of Q1 2025. This will include tools to help Baltic companies organise and share their ESG data while positioning themselves as sustainability leaders in their industries.
For further information:
Nele Roostalu
Product Development Manager
Creditinfo Estonia AS
Email: nele.roostalu@creditinfo.ee
Oksana Tolmatshova
CEO
Esgrid Technologies OÜ
Email: oksana.tolmatshova@esgrid.com
About Creditinfo
Creditinfo is a global credit bureau and information services group operating in over 30 countries. The company provides credit reporting, risk management, and decision-making tools to businesses, empowering them with reliable insights to make informed decisions and foster economic growth.
About Esgrid
Esgrid delivers value chain sustainability management solutions for large enterprises and financial institutions. The platform enables sustainability leaders to evaluate, manage, report, and improve the sustainability of their value chains while ensuring compliance with ESG standards. Founded in 2023 in Estonia, Esgrid’s investors include Lemonde Stand, Startup Wise Guys, EstBAN, and early employees of Pipedrive and Wise.
A thought-provoking discussion has taken place about corporate sustainability information and the increasing regulatory requirements of such frameworks. It is often pointed out that the cost of disclosure can be high and the process complicated. In this context, it is worth noting that corporate sustainability information goes beyond the data that public authorities require them to publish. Corporate sustainability data appear, for example, in lawsuits, the media, annual reports, and various forms throughout the value chains of companies, to name a few examples. To capture corporate sustainability data comprehensively, it is also important to place companies in the context of the industries they belong to and the risks they face, both directly and indirectly, through their value chains. While standardized data mandated by government requirements represent a significant step forward, they are only one piece of the puzzle of information needed by the financial market and, in some cases, are not even the most critical information that market participants need.
Sustainability Information Will Remain Unreliable
Corporate sustainability information has evolved from being a product of marketing departments to following guidelines generally accepted by market participants and ultimately falling under regulatory frameworks. Despite recent complex regulations related to sustainability disclosures (such as the CSRD, the EU Taxonomy Regulation, and SFDR), these are not exhaustive of the information that market participants need for informed decision-making. This means that if an analyst is to assess a company with sustainability in mind, there are other factors, beyond what the regulatory framework prioritizes and companies report. These include external factors in companies’ value chains, such as crop failures abroad, fluctuations in commodity prices due to weather anomalies, access to company products in key markets due to social instability, as well as information generated more frequently than annual reports can indicate (such as information from lawsuits and the media). The data companies will provide in line with regulatory frameworks represent a significant step forward, but only the first step toward more reliable sustainability disclosures.
Access to Data Would Have Been a Problem
Even though companies disclose information in accordance with regulations, this does not guarantee stakeholders’ access to it. Part of the problem is technical in nature, as sustainability information is published in, for example, scanned annual statements, various types of sustainability reports, and websites in formats that do not always comply with regulatory guidelines. The European Union has not addressed this issue clearly. At some point, the European Union will establish a database (the European Single Access Point, ESAP), which will receive reports in a predefined format. This database is expected to be operational earliest by 2027, according to official EU information. It is therefore important that sustainability data about companies are collected centrally. At Creditinfo, we proudly undertake this task as it involves critical corporate information.
Reducing the Burden on Companies
The Icelandic financial sector wants to access reliable sustainability information about companies. It seeks this information partly because legal requirements stipulate that financial institutions must have this data available, but also because financial industry employees take sustainability risk seriously, as clearly reflected in bank risk reports. Companies outside the financial market have also sent questionnaires to their suppliers to obtain sustainability information. As a result, companies often receive multiple such questionnaires every year from various sources. At Creditinfo, we see significant waste occurring here. Instead of having a multitude of questionnaires circulating, we realized that it would make more sense if companies answered one such questionnaire, making it accessible to all interested parties. That questionnaire is now available through Vera, Creditinfo’s sustainability platform, and hundreds of companies have filled it out, simultaneously minimizing the associated burden as interested parties can simply access the questionnaire via Vera.
Most companies in Iceland do not fall under the regulations that have been most widely discussed (such as the CSRD and the Taxonomy Regulation). However, this does not mean that this issue is being neglected by them—on the contrary. That is why we have made efforts to give these companies the opportunity to present their information on a larger platform than has been available to them before, through our sustainability platform, Vera.
The Reason for Collecting Data
The discussion about corporate sustainability information has focused more on the quantity and quality of the data than on the reason for its collection. The truth is that greenhouse gas emissions reached a historical high in 2022, at 54 billion tons of CO2 equivalent, about 30% of the global population lacks access to clean drinking water, 13% of individuals over the age of 15 are illiterate, and 10% of the global population is undernourished. In this regard, the financial system is in a key position to improve living conditions and our future. It is important not to lose sight of the goal and get lost in discussions about regulations and data. At Creditinfo, we want to continue to promote the reliability and accessibility of sustainability information about Icelandic companies so that informed decisions can be made for the benefit of all.
Authors:
Hrefna Sigfinnsdóttir, CEO of Creditinfo in Iceland
Reynir Smári Atlason, Head of Sustainability at Creditinfo
Despite rising incomes and headcount, seizures amount to almost EUR 110 million
19% of construction companies are in the high and top bankruptcy classes and 31% are at risk of late payment, according to a recent study by Creditinfo Lithuania. Despite the number of employees and the rapid growth in revenues, the sector has already recorded 169 company bankruptcies this year. Nearly 11,000 debts have been registered, totaling more than €91 million. 1049 companies are subject to asset seizures amounting to almost €110 million.
There are currently 19850 construction companies registered in Lithuania, employing a total of almost 110 000 workers. At the beginning of this year, the number of companies in the sector was 20367, creating 108.2 thousand workplaces, while in 2023 the figures were 19167 and 107.7 thousand respectively.
According to data provided to the Centre of Registers, in 2023, construction companies in Lithuania together generated revenues of more than EUR 10.6 billion, representing 14.7% of the country’s GDP. In comparison, in 2022, construction companies’ gross revenues were 22.6% lower at EUR 8.7 billion.
Following the data provided by the companies, the top ten construction companies in terms of revenue in 2023 are Kauno Tiltai (EUR 192.9 million), YIT Lietuva (EUR 191.1 million), Fegda (EUR 184.2 million), Conres LT (EUR 117.3 million), Infes (EUR 107.3 million), Green Genius (EUR 102.7 million), “Merko statyba (EUR 97.8 million), Žilinskis & Co (EUR 94.4 million), Autokausta (EUR 94.3 million), Stiemo (EUR 87.4 million).
Despite the year-on-year increase in revenues, the construction sector is twice as risky as any other business in Lithuania. Currently, 19% of construction companies are in the high and highest bankruptcy classes, while almost one third (31%) are at risk of default. The sector has a similar risk profile from the beginning of 2023. Over the last 5 years, the highest risk levels were reached in 2020 and 2021, when a quarter of construction companies were close to bankruptcy and almost half of the companies (47%) were at risk of default.
In comparison, the average riskiness of all Lithuanian businesses is twice as low: 9% of companies are in the high and highest risk classes, while 16% are at risk of default.
Since 2007, 4,497 construction companies have gone bankrupt in Lithuania, with an average of 254 each year. The highest number of bankruptcies was recorded in 2009, when 445 companies became insolvent. This year, 169 construction companies went bankrupt between January and September.
The average amount of seized assets increased by 34.7% to EUR 105 thousand
Currently, 10892 debts of construction companies are registered in the credit bureau system, with a total amount of EUR 91 million and an average debt of EUR 8 360. Compared to the beginning of January 2024, the number of debts exceeded 13,000, the total amount was €164 million, and the average debt size was 1,5 times higher (€12,602).
According to the data of the Credit Bureau, there are currently 2209 seizures on construction companies, including 1043 seizures with monetary value, for a total amount of EUR 109.8 million. The number of construction companies with at least one attachment is 1049 and the average attachment per company exceeds EUR 105 000. At the beginning of this year, the number of seizures was 2,702, with 1,293 seized companies, and the average amount of a single seizure was EUR 68.7 thousand, 1/3 (34.7%) lower than at present.
“If you notice in the credit bureau’s systems that a business partner or client has seizures, please be careful. It is a serious sign that the company is at risk of defaulting on its payments,” advises Rasa Rasickaitė, Risk Assessment and Management Expert at Creditinfo Lithuania. Asset seizure is a compulsory restriction of the ownership right to property, which can be applied by state authorities to secure evidence, civil action, possible confiscation of property, as well as the collection of fines and unpaid payments, satisfaction of creditors’ claims, and fulfilment of other claims and liabilities. Therefore, when you see a registered seizure, you should also pay attention to other available information, such as court information, debts to creditors, the tax authorities and the social security system.”
According to Rasickaitė, in the event of a seizure of assets, it is advisable to find out the reason for which the seizure has been registered, what assets have been seized, and whether the seized assets are allowed to be disposed of in the course of the company’s business. If there are doubts about the ability of the business partner to pay, it is advisable to ask for prepayment or guarantees.
There is a growing need to expand the information shared with Credit Reference Bureaus ( CRBs) to include trade data. Many manufacturers, wholesalers, and retailers have reported cash flow challenges due to difficulties in recovering debts from their customers. This often results in their ability to restock or pay suppliers, further straining their operations. In Kenya, trade agreements frequently rely on informal arrangements, with limited legal recourse due to delays in the judicial systems. Could CRBs play a more significant role in addressing these issues?
As businesses increasingly rely on data to drive decision-making, it’s evident that CRBs, which currently hold financial data related primarily to bank and mobile loans, could greatly enhance their scope. While the inclusion of traditional credit data has boosted financial inclusion, expanding this to cover trade credit information especially from manufacturers, service providers, and wholesalers could revolutionise how businesses extend and manage credit.
If this trade data were collected and shared under a regulatory framework, it could enhance credit trading, improve business relationships, and further financial inclusion. Regular purchasing and payment data, when synthesized, could help businesses evaluate potential customers, set credit limits, and make informed decisions beyond traditional borrowing data.
Accounts receivable teams often struggle to recover overdue debts from customers extended credit without proper risk assessment. Introducing legislation to compel specific entities to share trade data based on factors like turnover or invoice value could help manage risk, reduce legal disputes, and cut down on costs associated with unpaid receivables.
Moreover, the Kenya Revenue Authority could benefit from improved tax collection, as greater financial discipline would be encouraged to avoid negative CRB listings, which can impact a company’s ability to do business. This would also help reduce the burden on the Judiciary, where countless civil cases related to unpaid debts remain unresolved, leading to significant business losses.
Properly managing and sharing trade credit information could streamline the business environment, improving cash flow and financial planning. Additionally, incorporating trade credit data into CRB decision making tools could help boost an individual’s or entity’s creditworthiness when seeking traditional loans. On an individual level, high value asset purchase, such as land and vehicles, could also be evaluated using shared credit sales and receipts data, providing both buyers and sellers with insights into the financial reliability of potential customers.
In conclusion, expanding the data shared with CRBs could significantly improve risk management, debtor control, and financial stability, creating a more transparent and efficient trading environment for businesses of all sizes.
Former Marsh Africa Sales Leader – Charles De Winnaar – brings a wealth of sales and leadership experience to drive Creditinfo’s international growth
London – 26th September 2024:Creditinfo, a global service provider for credit information and risk management solutions, announces the appointment of Charles De Winnaar as its Global Head of Sales Strategy and Sales Operations. As an experienced sales leader in financial services, Charles will lead Creditinfo’s global sales strategy and operations across its network of 30 credit bureaus. He joins the company from Marsh Africa, where he held the position of Sales & Distribution Leader.
In his role, Charles will be responsible for Creditinfo’s revenue growth, market expansion, and operational excellence to ensure scalability and enhance the customer experience across its different markets. From developing strategic partnerships to driving innovation in sales processes and technologies, he’ll play a key part in the next phase of Creditinfo’s international growth.
With over two decades of experience in sales and finance, Charles has a deep understanding of global financial markets and an impressive history of leading large-scale sales teams, bolstering business growth, implementing customer-centric solutions and transforming sales operations.
As Sales Leader at Marsh Africa, he executed the revenue and portfolio optimisation strategy across multiple Africa regions. Prior to joining Marsh Africa, he held various sales leadership roles at the National Bank of Kuwait and Barclay’s Bank Africa. During his time at Barclays, he led the development and launch of a first-to-market mobile payment wallet lending solution in Africa.
Charles De Winnaar, newly appointed Global Head of Sales Strategy and Sales Operations at Creditinfo said: “I’m delighted to join Creditinfo, a company that is committed to empowering people and businesses through financial inclusion. I look forward to working with the talented global team and contributing to Creditinfo’s long-term success.”
Satrajit Saha, Global CEO at Creditinfo said: “With his unmatched expertise in global markets and a proven track record of building strategic partnerships across different regions, Charles is a valuable addition to our leadership team. As we look to accelerate market expansion, harness digital transformation in our global strategy, and continue to facilitate access to finance for millions of individuals and businesses worldwide, Charles will be instrumental in helping us to achieve these goals.”
Charles will report directly to Satrajit Saha, Creditinfo’s Global CEO.
-END-
About Creditinfo
Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and decision analytics solutions.
With more than 30 credit bureaus running today, Creditinfo has the most considerable global presence in this field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals.
Victoria– September 11, 2024 – The Central Bank of Seychelles (CBS) has today launched the Seychelles Credit Information System (SCIS) in accordance with the Credit Reporting Act, 2023, to improve credit information sharing across the financial system.
The SCIS will be administered by CBS, which will be responsible for overall supervision of the operation of the system, as well as providing awareness on the system and its governing law. The contract to develop and implement the SCIS was awarded to Creditinfo CEE a.s., a company based in the Czech Republic, through an open bidding method as per the CBS procurement process in April 2021.
The SCIS – which replaces the previous Credit Information System established under the Credit Reporting Regulations 2012 – is an improved credit information system which will enhance credit reporting and data exchange between participating institutions. It incorporates automated features requiring minimal manual processing, hence mitigating potential risks of inaccuracies in the credit information of customers.
The current participants of the SCIS include the commercial banks, Seychelles Credit Union, Development Bank of Seychelles and the Housing Finance Company (HFC). The SCIS will continue to expand with the addition of other participants through a phased approach, to include Government entities, utility companies, hire purchase and credit sales, financial leasing companies, and insurance companies. The addition of these other entities – that are also engaged in activities that provide for payment arrangements – will give a more accurate indication of the repayment history and level of indebtedness of customers, information which is essential in the decision-making process for granting credit and loan facilities.
To note that only participating institutions can access the credit information of an individual, at the consent of the individual, in compliance with the Credit Reporting Act, 2023. Individuals holding accounts with these institutions will also be able to access their own credit report through the Customer Credit Portal, which is expected to be launched in the first quarter of 2025.
NAIROBI, Kenya, Aug 12, 2024– Experian MicroAnalytics, a global leader in mobile financial services, and Creditinfo Group, a leading global service provider for credit information and risk management solutions, have partnered to combine Experian MicroAnalytics’ mobile financial services platform with Creditinfo’s scoring models and local market expertise, providing innovative new solutions that facilitate access to finance for individuals and businesses across Africa.
Experian MicroAnalytics, renowned for its risk management solutions utilized by major telcos worldwide, brings its expertise in mobile financial services to the partnership. Their solutions, such as mobile money loans, advanced analytics and machine learning, help to support underserved populations who don’t have access to traditional banking services. Experian’s technology not only facilitates seamless financial transactions but also generates additional revenue streams for telecommunications operators and banks, if present as fund providers.
“Experian is dedicated to driving financial inclusion globally, and our partnership with Creditinfo strengthens our ability to deliver impactful solutions,” said Sammy Hamoudi, General Manager of Experian MicroAnalytics. “Together, we aim to empower telecommunications operators and fintechs to extend their services to previously underserved populations.”
Creditinfo provides comprehensive credit bureau solutions to enable informed decision-making in the financial sector. With this partnership, Creditinfo will further establish itself as the leading credit bureau provider in Africa, enhancing its business risk assessment capabilities and customer insights.
“At Creditinfo, we recognize the transformative power of data-driven solutions in fostering financial inclusion,” stated Kamau Kunyiha, Regional Manager, East and Southern Africa at Creditinfo. “Our collaboration with Experian will help individuals and businesses across Africa gain access to finance, underscoring our shared vision to drive positive change and improve the standards of credit assessment.”
As joint Gold Sponsors of Africa Fintech Festival 2024, Experian MicroAnalytics and Creditinfo showcased their partnership at the event held in Kenya in early June. The festival provided an ideal platform for them to demonstrate their collaborative efforts. Through fireside chats and conference discussions, participants were able to explore opportunities to enhance financial inclusion in Africa through future collaboration.
About Experian MicroAnalytics
Experian MicroAnalytics is a global leader in mobile financial services, providing risk management and marketing solutions to telecom operators and fintechs around the world. Our AI cloud platform increases consumer engagement, reduces churn, manages lending exposure and optimises conversion rates.
With over $4.5 billion in loans already provided by Experian MicroAnalytics, we deliver personalized financial experiences to consumers, empowering financial inclusion while minimizing bad debt.
Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and decision analytics solutions.
With more than 30 credit bureaus running today, Creditinfo has the most considerable global presence in the field of credit risk management. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals.
Nairobi, Kenya – Monday, 5th August, 2024 – A new study has revealed a complex picture of Kenya’s credit market, with digital loans dominating the landscape while the overall value of loans disbursed is on the decline. The study conducted by Financial Sector Deepening (FSD) Kenya, Credit Information Sharing Association of Kenya (CIS Kenya), and Creditinfo Credit Reference Bureau Kenya Limited (Creditinfo CRB), provides a comprehensive analysis of credit data spanning five years.
The study is titled Kenya’screditmarketlandscape–Demandsideanalysisofcreditrecordsheld by Creditinfo CRB, is based on an analysis of credit records held by Creditinfo CRB.
The use of Credit Reference Bureau data in this study provides an opportunity to analyse credit data that is aggregated from various sources and segmented according to borrower’s sex, type of loan (digital and non-digital), type of borrower (company and individual), and provider type (bank, MFB, and MFI). The data covers the 5-year period from January 2019 to December 2023.
Summary findings
Kenya’s credit market is dominated by digital loans (in volume terms) provided by banks mostly to male Banks continue to dominate the retail lending market, accounting for over 90% of the volume and value of digital and non-digital loans.
Thenumberofuniqueborrowershasbeenonasteadyincrease on an annual basis, with
7.5 million unique borrowers in 2019 compared to 11.4 million unique borrowers in 2023. This constitutes both individual and non-individual borrowers (companies). On average, there are 6m unique male borrowers and 4.3m female borrowers each year.
In contrast to the increase of unique borrowers, the aggregate value of loans disbursed annually has been on a decline, with KShs 2,067bn issued in 2019 compared to KShs 1,937bn in Male borrowers accounted for 61.4% of the total number of loans and 71.1% of the total value of loans issued between 2019 to 2023.
On average, there are 10 million unique borrowers who have at least one digital loan annually compared to 1 million for non-digital loans. Approximately 270 million new digital loans valued at KShs 1,512 billion were issued over the five-year period compared to 8 million non-digital loans valued at KShs 8,282 billion over the same period. There is, however, an observed decline in the average value of nondigital loans, from an average of KShs 8,353 in 2019 to an average of KShs 4,555 in 2023, a 45% decline.
The number of new negative listings declined by more than half between 2019 and 2023. Whilst this can be attributed to changes in the regulatory framework on the treatment of negative listings, there is a marked decline between 2019 and 2020 which was beforethe regulatory changes. In 2023, 933,551 individual borrowers were negatively listed with Creditinfo CRB compared to 2,204,591 individuals in 2019.
Female borrowers have better repayment histories compared to men, accounting for an approximately of 36% of the new negative listings over five-year period, compared to 64% for
Most borrowers who have a negative record have an outstanding loan balance of between KShs 1,001 to KShs 5,000. The data further indicates that a higher proportion of borrowers initially listed as having repayment difficulties with their loans (negative record) managed to fully repay them off after seven months and within one
69% of borrowers that previously had a negative record were subsequently issued with a new This is contrary to the public’s perception that the CIS mechanism is a blacklisting tool and that a negative listing automatically precludes a borrower from accessing future loans.
“The development of Kenya’s credit market is at the core of FSD Kenya’s work and strategy. While many of the building blocks that underpin an efficient and effective retail market are in place, available evidence points that the provision of appropriate and affordable credit remains a challenge. MSMEs and women continue to be underserved. FSD Kenya’s work in credit market is aimed at working with various partners to address the factors that constrain the flow of productive credit to where it is needed the most. Part of this includes creating the knowledge and evidence base through research and analysis to inform the direction of market development and policy interventions. This study is part of those efforts. The expectation is that the study will provide the basis for engagement with various stakeholders on the development of Kenya’s credit market, long-term policy implications, and the functioning of Kenya’s Credit Information Sharing mechanism.”, said Francis Gwer, FSD Kenya’s Senior policy specialist.
“The Credit Information Sharing (CIS) mechanism has significantly advanced since its inception in Kenya. The transition from negative-only reporting to the bureau to comprehensive full-file reporting to the bureau marked a pivotal moment, fostering innovation and financial inclusion. Data gathered throughout this evolution has proven invaluable for market growth and innovation. Further advancements, such as incorporating all credit sectors and enabling real- time reporting, have the potential to elevate the CIS mechanism to new heights.”, said Kamau Kunyiha, Regional Manager, Creditinfo CRB
AboutFSDKenya
Financial Sector Deepening Kenya (FSD Kenya) is an independent trust dedicated to the achievement of a financial system that delivers value for a green and inclusive digital economy while improving financial health and capability for women and micro and small enterprises (MSEs). We work closely with the public sector, the financial services industry, and other partners to develop financial solutions that better address the real-world challenges that low-income households, micro and small enterprises, and underserved groups such as women and youth face. More details about FSD Kenya.
About CIS Kenya
The Credit Information Sharing Association of Kenya (CIS Kenya) was set up to institutionalize the National Credit Information Sharing (CIS) Forum. The Forum was created in early 2012 in order to bring together both bank and non-bank credit providers to map the way forward towards implementing full file comprehensive CIS in Kenya. Prior to the formation of CIS Kenya, the implementation of CIS in Kenya was spearheaded by the Kenya Credit Information Sharing Initiative (KCISI), a partnership between Central Bank of Kenya (CBK) and Kenya Bankers Association (KBA). More details about CIS Kenya.
About Creditinfo
Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and decision analytics solutions.
With more than 30 credit bureaus running today, Creditinfo has the most considerable global presence in this field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals. More details about Creditinfo CRB.
CheckYourTraders and Creditinfo Malta have joined forces to offer a comprehensive solution tailored specifically for tradespeople. Aims to provide a tailored solution to the common problem of debt recovery.
In a bid to address a pressing issue faced by many tradespeople, CheckYourTraders is thrilled to announce its exclusive partnership with Creditinfo Malta. This collaboration aims to provide a tailored solution to the common problem of debt recovery, particularly prevalent among small businesses in the trades sector, while also addressing issues related to cash flow management.
One of the major hurdles encountered by tradespeople, especially those running small businesses, is the challenge of recovering outstanding debts from clients or suppliers. Late payments and non-payment can significantly impact their cash flow, making it difficult to cover operating expenses or invest in business growth. Pursuing legal action for debt recovery can be time-consuming and costly, especially for businesses with limited resources and expertise in this area.
To alleviate these challenges, CheckYourTraders and Creditinfo Malta have joined forces to offer a comprehensive solution tailored specifically for tradespeople. As part of this collaboration, members will receive a complimentary job book from CheckYourTraders, serving as a crucial tool for documenting transactions and maintaining organised records. This will not only help tradespeople stay organised with their receipts but also provide them with a clear overview of their financial transactions, enhancing transparency and accountability in their business operations.
Moreover, tradespeople now have the opportunity to leverage CheckYourTraders’ expertise in debt collection through Creditinfo Malta’s services. With a dedicated team representing them in debt recovery matters, tradespeople can focus on their core business activities without the added burden of chasing overdue payments. This not only streamlines the debt recovery process but also increases the likelihood of successful outcomes, ensuring a more efficient and hassle-free experience for tradespeople.
By addressing the challenges of debt recovery and cash flow management, the collaboration between CheckYourTraders and Creditinfo Malta offers a valuable resource for tradespeople seeking to navigate financial hurdles more effectively. With a focus on organisational efficiency and expert representation in debt collection, this partnership empowers tradespeople to overcome obstacles and achieve greater financial stability in their business endeavours.
Creditinfo has partnered with FinView, a global leader in credit information and risk management services, that developed an app that helps individuals and companies solve their debts, to revolutionise the financial solutions landscape through the launch of a new Digital Collections Service in Tanzania.
The launch of the Digital Collections Service in Tanzania, combines Creditinfo’s expertise in credit management and FinView’s ground-breaking digital collections solutions. Together, they aim to make debt recovery simpler using a user-friendly software that accelerates invoice settlement while decreasing manual effort.
The solution has revolutionised debt management for thousands of users in Europe and the United Kingdom. Through its user-friendly interface and effective tools, its software enables individuals and companies to take control of their financial commitments in a manageable and less stressful way. Through this partnership, Creditinfo will leverage the new technology to amplify and extend the services in Tanzania.
“Creditinfo and we are delighted to collaborate on expanding debt resolution expertise to a broader audience. This partnership goes beyond technology; it’s about making tangible differences in people’s lives. Our app has already transformed debt management for many. Now with their reach and resources, we aim to redefine financial collections in Tanzania and beyond.” said Darren Tebbitt CEO of FinView.
“We are incredibly proud of Creditinfo partnership with FinView. Not only does it mark an important milestone for us but it gives us the opportunity to benefit from FinView’s technology which will enable us to continue to provide innovative credit management solutions. Tanzania is an optimal market for us to introduce this service because of its tremendous promise for digital financial services. This partnership will set a new standard in debt collection and promote financial health and empowerment across Tanzania.” Said Edwin Urasa, CEO of CreditInfo Tanzania.
-ENDS-
About Creditinfo
Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and decision analytics solutions.
With more than 30 credit bureaus running today, Creditinfo has the most considerable global presence in this field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals.
In 2020 Creditinfo Group decided to be part of the Open Banking initiative by starting to investigate the options of using customers’ bank account statements in their offering. The account information service is based on the PSD2 directive. For known reasons, it is not possible and acceptable to have access to customer bank account data without consent.
Creditinfo have tackled the opportunity in two different ways. In the Baltics and Iceland, the chosen route was to apply for an FSA licence to offer end-to-end customer account statements transfer from their home bank to a third party, from whom the customer applies for credit , e.g. car loan. In the Czech Republic and Slovakia namely due to the long and cost-intensive process of “passporting” CI’s Estonian license, the chosen route was collaboration with a local technical partner called Sokordia Tech.
A little bit more about above-mentioned two ways to offer Open Banking solutions in Creditinfo Group.
In 2021 Spring, Creditinfo Estonia received permission from the Financial Supervision Authority to start offering account information services in Estonia, which later in Autumn expanded to the markets of Latvia and Lithuania. Today, Creditinfo has been offering the account information service in the Baltic market for almost three years. Creditinfo have real-time access to the transaction data of customers of banks and financial institutions using a secure data transmission channel and customer consent.
In Spring 2024, Creditinfo Estonia finalised the Iceland licence application process from Estonian FSA and can officially offer account information service in Iceland.
Beside regulative and compliance part, Creditinfo also has full technical integration and capability in developing categorization when offering account informatoin service. With opportunity to access customers bank account data, the aim is to offer more transparent credit risk evaluation to customers and third parties, who find high value from the knowledge of their customers account information to make data-driven, intelligent credit and business decisions.
As mentioned above, Creditinfo also have Open Banking cooperation and partnership in the Czech Republic and Slovakia with fintech company Sokordia Tech, teaming up to capitalize on Creditinfo’s market position whilst leveraging Sokordia Tech’s AISP and PISP licenses and Open Banking services platform to provide PSD2/Open Banking services to several financial services clients in the market.
In the Czech Republic and Slovakia market, Creditinfo currently has 5 customers utilizing the Open Banking platform, processing more than 1.2 million open banking transactions per month. Depending on the specific requirements, pain points, and use case of the Client, Creditinfo has developed a “Categorization In-a-Box” , Multi-Service platform called Transaction Analysis Service replete with 40,000 pre-installed business rules that can sit atop and work with any Open Banking Open APIs in any country. The service is comprised of 6 unique methods/services (AIS+CIS+PIS) & PDF tools via one API as detailed below:
PSD2parser: extracting raw data from PSD2 bank statements
PSD2tags: tag each bank transaction with one to N identifying tags
PDFparser: Extracting raw data from PDF bank statements
PDFtags: Tag each bank transaction with one to N identification tags
1UnitPay: Verification PSD2 payment (the advantage is that the payment is made in one step with statement extraction)
Bank Account Views: Repeated viewing of bank accounts without the need for customer re-authentication
Together with our partner Sokordia Tech, we currently have Open Banking APIs and are able to provide all these services under one single API for the following countries: Czech Republic, Slovakia, Hungary, Romania, and Poland.
Development work on the 3rd generation of the Transaction Analysis Service is currently in development, highlighted by:
Deeper AI involvement in processes & rules & analysis
Expansion of new online data inputs into transactional analytics
Multi-language analytical tools
GUI for clients to manage and report transactional analytics themselves
Seasoned commercial leader, John Cannon, looks to use wealth of financial and executive leadership experience in new role to unlock new value for customers and drive Creditinfo’s international growth
London – 18 April 2024: Creditinfo, a global service provider for credit information and risk management solutions, has today announced the appointment of John Cannon as its Global Chief Commercial Officer (CCO). With over 25 years of experience in finance and credit bureaus, John will spearhead the strategy and execution behind Creditinfo’s solutions and products for all 30 of its credit bureaus, which are spread across 50 different countries.
John brings almost three decades of experience in leading top-performing teams, delivering pioneering solutions, and galvanising high-value market leading companies within the global financial community. A reputable industry expert, John led Transunion’s GFS business for international regions and has spent the last couple of years as an advisor to Private Equity firms in addition to helping scale early stage technology companies, most recently Xapien.
As CCO of Creditinfo, John will draw on his extensive sector knowledge and experience to leverage Creditinfo’s technology and data to push innovation forward and ensure it meets customer expectations and needs. He will play a key part in promoting financial inclusion globally and in doing so bolster Creditinfo’s international growth. In his new role, John will also be responsible for delivering the right products and services to Creditinfo’s customers to maximise value, as well as identifying new business opportunities.
John Cannon, newly appointed Global Chief Commercial Officer at Creditinfo said: “I’m delighted to join Creditinfo, a company that is committed to enriching people’s lives through unlocking access to financial inclusion. This, and its international culture, is what drew me to the company. I look forward to working with the remarkable Creditinfo team to support the next phase of its growth journey.”
Satrajit Saha, Global CEO at Creditinfo said: “With firm roots in the global financial industry and a strong track record as a senior executive leader, John is an excellent addition to our senior leadership team. As we look to expand our global footprint and facilitate access to finance for millions of consumers and businesses worldwide, having John on board is a huge advantage, not only for our own innovation and growth but also for our customers as they turn to us to provide worldclass and transformative solutions and products.”
John will report directly to Satrajit Saha, Creditinfo’s Global CEO.
-END-
About Creditinfo
Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and decision analytics solutions.
With more than 30 credit bureaus running today, Creditinfo has the most considerable global presence in this field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals.
Guðni Th. Jóhannesson, the President of Iceland, recently completed an official visit to Georgia, where he visited, among other things, the office of Creditinfo in Georgia.
The visit was intended to strengthen the relationship between Iceland and Georgia, among other things through increased cooperation in the field of climate issues and green solutions. The president was accompanied by Guðlaugur Þór Þórðarson, Minister of Environment, Energy and Climate, Nótt Thorberg, director of Grænvang, and a delegation of representatives from the business community, among whom was Hrefna Ösp Sigfinnsdóttir, managing director of Creditinfo in Iceland.
During the visit, Alexander Gomiashvili, Managing Director of Creditinfo in Georgia, welcomed the group and talked about Creditinfo’s activities in Georgia together with Hrefna Ösp, who educated those present about Creditinfo’s activities internationally.
Creditinfo Group has operations in over 30 countries around the world and over 400 employees.
Guðni Th. Jóhannesson, President of Iceland together with Alexander Gomiashvili, Managing Director of Creditinfo in GeorgiaAlexander Gomiashvili, Managing Director of Creditinfo in Georgia addresses the delegation of the President of Iceland.
West Africa Monetary Union Credit Bureau – Creditinfo West Africa
The single credit bureau (Creditinfo West Africa (Creditinfo)) that spans the single monetary union regulated by La Banque Centrale des États de l’Afrique de l’Ouest (BCEAO) has released evidence that the credit decisions of lenders is changing to be take into consideration the previous lending history of borrowers.
Creditinfo has been running the credit bureau for nearly ten years, initially much focus was to gather the correct information from Banks and Microfinance (MFI) lenders across the 8 countries of the union. Then followed the educational process of explaining how to understand and interpret the information so enabling improved risk decisions for granting credit.
The reporting is now showing real benefits; NPL (non-performing loan) rates where the credit bureau was not interrogated and no credit report was taken are seen as as much as four times higher than where a credit report was taken as part of the credit assessment.
This huge difference can be attributed to the fact that when lenders take a credit report from Creditinfo they adjust their decision when they see the information in the report. If a request for a loan comes from a customer who has poor payment performance with another lender, or they have a low credit score then that request for a loan may be declined, or at least the loan amount the institution is willing to lend will be reduced considerably. This information can only be known by the lenders that take a credit report as part of eth decision process.
More and more lenders across the region are systematically taking credit reports for all credit decisions, Creditinfo has seen the number of credit reports increasingly aligned to the number of credit decisions. However, there are still some lenders that have not systematically built in the automated process of system to system credit report requests, so even if it is the policy of the lender to always take a credit report they are dependent on individual underwriters to implement the policy. In this case the lender risks higher losses than their competitors. Automation and digitalisation also brings with it the opportunity to better use credit scoring and decision engines to drive further efficiencies and improve the customer experience.
Creditinfo West Africa is experiencing an increase in financial institutions going through a digital transformation in loan granting, linking to the credit bureau via an API, and then making the assessment with a decision engine, such as the hosted solution provided by Creditinfo.
There is also related benefits to this improvement in NPLs when credit reports are taken. With greater control of losses lenders will increase the number of loans granted, reduce the need for guarantors or collateral and broaden the access to credit. Furthermore, the lower risk environment will attract new lenders, or lenders to increase they range of credit products which increases competition.
Creditinfo Estonia’s Payment Default Register was established in 2001 by Estonian banks, being the largest and oldest register in Estonia that gathers consistent and high-quality debt information. The register of payment defaults helps Estonian entrepreneurs make the right credit decisions and enables the application of the principle of responsible lending.
The largest contributors of payment defaults continue to be from the financial sector
In 2023, a total of over 700 companies entered payment defaults in the register. The TOP entrants by activity were:
Credit institutions
Financial service providers
Collection service providers
Telecom companies
During the entire year, more than 100,000 new payment defaults were added to the register by companies, of which 91% were private payment defaults. Payment defaults of legal entities were published in a total of nearly 9,200 cases.
There are tens of thousands of people with payment defaults in Estonia
As of the end of 2023, there were nearly 57,000 individuals with active payment defaults.
During the liquidation of the debt, the current default is marked as closed – in 2023, there were 111,000 private individuals with a closed payment default. A closed payment default indicates that the debt has been paid, but at the same time it warns the creditor that the person has had problems paying bills in the past and this allows for a more accurate assessment of his creditworthiness. NB! In the case of private individuals, closed payment defaults are published for up to 5 years after the payment default has ended.
As of the end of 2023, there were almost 20,000 legal entities or companies-institutions with active payment defaults.
There were nearly 33,000 legal entities with closed payment defaults. NB! In the case of companies, the information provided will be published for another 7 years after the end of the default.
There are more than 150 thousand active payment defaults in the register
By the end of 2023, there were nearly 130,000 active payment defaults in the Payment Default Register by individuals with payment defaults. The average payment default amount, or debt, of a private person is €2,514. There were almost 363,000 private individuals with payment defaults that were closed.
At the end of 2023, there were approximately 40,000 active defaults of legal entities. There were almost 65,000 closed defaults of legal entities.
The number of valid payment defaults has increased
In total, there were nearly 171,000 active payment defaults published in the Payment Default Register. If we add to this the information on payment defaults in the closed and disputed status, the total number of payment defaults in the Payment Default Register is 600,697, which has increased by approx. 9% compared to 2022.
At the same time, the effectiveness of the Payment Failure Register is maintained. Of all payment defaults that have reached publication, one in four, or 26%, is paid immediately within the first month, and half (47%) within the first three months after publication.
The disclosure has the greatest impact on the debts of the financial sector – 36% of all defaults disclosed by banks and leasing companies are paid already within the first month and almost 63% within the first three months.
