Creditinfo VoLo ensures better access to credit
Creditinfo VoLo signed a service delivery contract with the Professional Association of Banks and Financial Institutions (ABPEF) and the Professional Association of Decentralized Financial Systems (APSFD) of Niger to ensure better access to credit.
On August 31st 2015, Orabank’s Head Quarters in Niger hosted a signing ceremony for the service delivery contracts that binds Creditinfo Volo and 16 institutions namely BOA Niger, BAGRI, Bank Atlantic Niger, Commercial Bank of Niger, BIA Niger, Bank Islamic of Niger, BSIC-Niger, CBAO Niger, ECOBANK Niger, ORABANK Niger, SONIBANK, SAHFI SA, TAANADI SA, Asusu SA, Credit Mutuel of Niger and SACCOs Kokari,
Mr. Reynir Grétarsson, CEO and owner of Creditinfo Group hf participated in the signing ceremony with Mr. Adamou Sambaré, CEO of Creditinfo VoLo. As for the Professional Associations, they were represented by Moussa Hayatou, President of APBEF and Mr. Salifou Tahirou, Vice President of APSFD.
“This ceremony represents a milestone in the Credit Reference Bureau project we are implementing in the WAMU zone” said Mr. Gretarsson. “The presence of all Banks and Financial Institutions in Niger, here at this signing ceremony, demonstrates the interest from Niger’s banking sector. Our teams have been working intensely for the last six months on the implementation of the technical infrastructure and in training the financial institutions to help them fully benefit from the advantages the Credit Bureau is offering. Creditinfo VoLo will make all necessary efforts to start operations in the coming weeks.”
On the same note, Mr. Sambaré declared that: “Since the selection by BCEAO in November 2014, Creditinfo VoLo teams have been working very hard to prepare the banks for the data extraction and sending processes, as well as the use of credit reports. Credit Reports will be available from the Creditinfo VoLo bureau as soon as we start the operations.” He added, “There is still some way to go, as international experience shows that the implementation of a Credit Referencre Bureau is a long term project and requires changes in organizations’ structuring and practices. However, we also know that for credit institutions, businesses and consumers, the Credit Bureau means better risk management, and consequently, more favorable conditions for clients.”
According to Mr. Hayatou, President APBEF Niger; “This Credit Reference Bureau project is a timely response to a real need for risk assessment. It will be profitable in more than one way, to all key stakeholders of the financial system, namely credit institutions, decentralized financial systems, customers; and to a larger extent each of the WAMU economies.”
Mr. Salifou, Vice President of APSFD Niger, added that: “A Credit Reference Bureau will enable Microfinance Institutions to improve their customers’ repayment rates and better appreciate their debt conditions when granting a credit. Therefore, this will prevent over-indebtedness of clients.”
Photos from Niger Signing Ceremony
From left to right: Mr Adamou Sambaré, General Manager of Creditinfo VoLo;
Mr Reynir Grétarsson, CEO of Creditinfo;
Mr Moussa Hayatou, President APBEF( l’Associations Professionnelle des Banques et Etablissements Financiers);
Mme Mamane Zeinabou, representing the National Manager of BCEAO;
Mr Herve Borna, General Manager of Orabank Niger;
From left to right: Mme. Mamane Zeinabou, Mr Herve Borna, Mme. Ango signing the agreement.
From left to right: Mr Sambaré, CEO Creditinfo VoLo signing the agreement, with Mr. Reynir Grétarsson, CEO and owner of Creditinfo Group hf.
From left to right: Mr Sambaré and Mme. Ango, General Manager of Atlantic Bank Niger, shaking hands.
A tv interview with Mr. Adamou Sambaré can be viewed in French at:
About Creditinfo VoLo
Creditinfo and its business partner VoLo Africa, grouped into the joint-venture Creditinfo VoLo are accredited by the Central Bank of West African States (BCEAO) to operate and manage a regional private credit reporting system that meets the international standards for the eight (8) member states of WAMU (Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo.)
About Creditinfo Group
Creditinfo is a leading service provider for credit information and risk management solutions worldwide. It has developed, through its multiple subsidiaries in more than 20 countries, 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 employs more than 300 people worldwide.
About VoLo Africa
VoLo Africa is an African company pioneer in the technology sector and dedicated to enhance financial inclusion in order to reduce poverty and increase access to health care for all, through the establishment of the VoLo Trust Information Platform (V-Tip). This unique system ties the biographical, biometric and sectorial information in a scalable platform and database that analyse information to provide a transparent risk assessment. The solution provide A simple rating adapted to African realities that subscribers can then use to determine the credit risk.
VoLo Africa initiated its relationship with the African Development Bank (ADB) after being given the opportunity to tender for a pilot project of credit information services to SME and VSE in Africa. This project was initiated by ADB in May 2012 through various channels, including the website Making Finance Work for Africa (MFW4A) hosted by the ADB. This initiative highlights the awareness by the ADB of the lack of credit information service in Africa, which is a major driver to facilitate access to credit for SME and VSE. The solution proposed by VoLo, built on its trusted information system that includes biometric and GPS data, was considered as the most promising idea among those which have been selected to receive support from the African Development Bank.
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