Creditinfo acquire Credit Bureau in Morocco from Experian
Creditinfo are pleased to announce that they have entered into a definitive agreement to acquire a credit bureau operation in Morocco, from Experian. The office is based in Casablanca, and at this stage has no intention of moving location.
Creditinfo is a leading service provider for credit information and risk management solutions worldwide. It has developed, through its multiple subsidiaries in more than 25 countries and 9 partner companies operating Creditinfo credit bureau systems, numerous innovative products and services from official and customer information sources to facilitate best practices in credit risk management. Creditinfo has been shortlisted and awarded in several tenders supported by World Bank, IFC, Millennium Challenge Corporation and other international organisations. Creditinfo has headquarters in Reykjavik, Iceland, and it employs around 300 people worldwide.
Mr. Kristinn Agnarsson, Head of Credit Bureau Expansion of Creditinfo Group added “New operations in Africa are a strategic priority for Creditinfo and we are pleased to have acquired an operation in Morocco with existing employees who have a great deal of expertise in both the credit industry and the local market. We are also eager to bring our own expertise and proven capabilities to the marketplace, particularly that gained from our operations in 7 other African countries. By combining our capabilities with those of the existing staff, we plan to ensure a smooth transition, so that the customers will not experience any inconvenience or difficulties with the service. ”
Mr. Agnarsson added, “We will actively bring greater structure and strategic direction with the aim of further increasing the stability of the Moroccan financial system and stimulating investment and financial inclusion, to create an environment in which the Moroccan banks can provide improved facilities for all borrowers, ranging from small enterprises and micro enterprises.”
Through the exchange of information, credit reporting systems can be established to enable financial systems to use accurate information to offer credit based on objective criteria. The result is lower risk and costs for the creditor and increased economic opportunities for SMEs and members of society and especially for those at the bottom of the financial pyramid. Creditinfo will design, integrate and implement strategic solutions to improve credit risk management procedures in Morocco.
Mr. Reynir Grétarsson, CEO and majority shareholder of Creditinfo Group welcomes the acquisition to the Group advising “Experian Morocco is an established business in the Moroccan marketplace with a talented team of dedicated employees, which will be an asset to our existing team. Creditinfo has made the strategic decision of investing heavily in financial infrastructure in Africa in the coming years. The new operation will enable us to speed up this expansion, while also providing us with indispensable knowledge of local specifics through the existing employees.“For further information please contact:
Emma Camilleri Creditinfo International tel. +356 2131 2344 E.Camilleri@creditinfo.com www.creditinfo.com