Creditinfo Volo signs service delivery contracts with Credit Bureau in Burkina
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Under the Aegis of the National Direction of BCEAO of Burkina, and in the presence of Professional Associations of Banks, Financial Institutions (ABPEF) and decentralized financial systems (APSFD) Burkina, a contract signing ceremony was held on 15th July 2016 between Credit Bureau (BIC) of the WAMU, Creditinfo Volo, and the 23 institutions subjected of Burkina, among them, 13 banks, 4 financial Institutions and 6 large-sized decentralized financial systems (cf. list in appendix).
The signing ceremony was chaired by Mrs. Aminata OUEDRAOGO, Deputy Chief Executive Officer of the treasury and the Public accounting, representing Madam Minister of the Economy, Finance and Development, in the presence of Mr. Charles KI ZERBO, the BCEAO National Director of Burkina. The Professional Associations were represented by Mr. Mohamed Wilson, Vice President of APBEF-Burkina and Mrs. Y. Therese YAMEOGO, President of APSFD-Burkina and Creditinfo Volo by Mr. Adamou SAMBARE, Managing director. M. Armand BADIEL, managing director of the operations and the Fiduciary Activities at BCEAO headquarters, also attended this meeting.
In her speech, Mrs. OUEDRAOGO reminded the strong commitment of the Burkinabe authorities to promote the Bureau of Credit, which should in particular contribute significantly to improve the rating assigned to Burkina Faso in the Doing Business ranking. She then invited the subjected institutions to make a good appropriation of this new plan to pull the best profit of BIC products, with the aim of increasing risk control and a consequent reduction in bad debts.”
In his welcoming statement, Mr. Charles KI ZERBO, National Director of the BCEAO in Burkina, stated that “the establishment of the Bureaus of Credit (BIC) is a statuary innovation arising from the implementation of the top recommendations of the Ad Hoc Committee of the WAMU Heads State on the financing of the savings of the zone. It aims to reduce the asymmetry of information between lenders and borrowers in the credit market. He indicated that “the Central Bank will continue to play its partition in this domain, in order to support the financing of savings, further strengthening access to credit and increasing financial inclusion, in accordance with the regional strategy, which has just been adopted for that purpose, by the Council of Ministers of the Union, on 24 June in Lomé.
Mr. Adamou SAMBARE, Managing Director of Creditinfo Volo, welcomed the stowage of Burkina financial institutions in the Bureau of Credit, thanks to the adoption and the promulgation of the Uniform Law, translated the commitment of the Burkinabe authorities to support this new approach of risk assessment. He announced the imminent start of an enhanced program of assistance from Creditinfo Volo, which should allow the subjected institutions of Burkina to participate fully and diligently in the data sharing plan across the WAMU. In this regard, he called all actors to work together to meet the challenges for the success of the BIC, among which are included, the problem of identifying the recipient credit customers, the search for optimal modalities of consents collection, communication and awareness of the customers”.Mohamed WILSON, Vice-president of APBEF-Burkina, in his address greeted the organization of the solemn ceremony of signing contracts which enshrines the effective start of the operational phase of the BIC whose implementation would pave the way to an innovative approach to risk management and improve the quality of the loan portfolio. Among the expected benefits, he mentioned a better access to credit for customers with pricing based on the individual risks, lower costs for the borrowers and increase lending to the economy. He indicated that credit institutions will spare no effort for a successful implementation of the BIC process.
Mohamed WILSON, Vice-president of APBEF-Burkina, in his address greeted the organization of the solemn ceremony of signing contracts which enshrines the effective start of the operational phase of the BIC whose implementation would pave the way to an innovative approach to risk management and improve the quality of the loan portfolio. Among the expected benefits, he mentioned a better access to credit for customers with pricing based on the individual risks, lower costs for the borrowers and increase lending to the economy. He indicated that credit institutions will spare no effort for a successful implementation of the BIC process.
As for Mrs. Y. Therese YAMEOGO, President of APSFD-Burkina, she highlighted, in her intervention, the beneficial effects of the Bureau of credit in reducing the asymmetry of information between financial institutions and borrowers. Reminding the heavy losses undergone by the decentralized financial systems due to the inadequacy or lack of appropriate information on customers, Mrs. YAMEOGO welcomed the advent of the BIC which should enable microfinance institutions to improve the reimbursement rate their members and better appreciate their debt condition when granting credit. She exhorted the decentralized financial systems to meet the challenges related, in particular to adapt their information systems to the requirements of the BIC and the identification of customers.
As a rreminder, Creditinfo Volo is a joint venture created by Creditinfo and Volo Africa. It has received, by decree No. 066 / MPMEF / DGTCP / DT of 12 May 2015 of the Ministry nearby the Prime Minister in charge of the Economy and Finances of Ivory Coast, the approval as the first Bureau of Credit (BIC) in WAMU. It practices under the license which allows it to operate in the other states, where WAMU settled representative offices. The BIC is an institution collecting from financial institutions, public sources and utility companies (water supply companies, electricity, phone companies, etc.) data on credit history or payment a customer.
This information is then processed and marketed to banks, financial institutions, decentralized financial systems (SFD) and utility companies, as detailed credit reports (Information one beneficiary by outstanding loans, sectoral distribution of credit, etc.) and negative information (amount of delinquencies , loans written off , number of delinquencies , rescheduling of loans, etc.) obtained from banks , financial institutions, microfinance institutions supervised by the BCEAO and in the intended, non-bank entities (microfinance institutions other than those supervised by the BCEAO, telecommunications companies , retailers, electricity supply companies and water , etc.).
For funding applicants’/ customers, the BIC provides better accessibility to credit with a price scale fixing based on individual risks that can lead to lower credit costs and easing collateral usually required.
For credit institutions, the SFD and other financial institutions concerned, it’s an effective tool for analysis, assessment and risk management that anticipates the indebtedness of borrowers and thus to consolidate their portfolio.
For the national economy, it contributes to strengthening the financial inclusion thanks to improvement of funding of economic agents, at a lower cost, due to its benefits for borrowers and lenders.
So far, the Bureau of Credit is operational in Ivory Coast, Senegal, Mali and Niger. Financial institutions Togo, Guinea Bissau and Burkina are in phase of stowage. In Benin, the uniform law is examination in the National Assembly.
List of subjected institutions Burkina
- Banque Atlantique Burkina Faso (BABF)
- Banque Commerciale du Burkina (BCB)
- Banque de l’Habitat du Burkina Faso (BHBF)
- Banque de l’Union du Burkina Faso (BDU-BF)
- Banque Internationale pour le Commerce et l’Industrie du Burkina (BICIA-B)
- Bank of Africa-Burkina Faso (BOA-BF)
- Orabank-Burkina Succursale d’Orabank Côte d’Ivoire
- Banque Sahélo Saharienne pour l’Investissement et le Commerce (BSIC-Burkina Faso SA)
- CBAO Groupe Attijariwafa Bank (Succursale du Burkina Faso)
- Coris Bank International (CBI)
- Société Générale Burkina Faso (SGBF)
- United Bank For Africa – Burkina (UBA-B)
- Alios Finance-Burkina Faso
- Fidelis Finance Burkina Faso
- Société Burkinabe de Crédit Automobile (SOBCA)
- Société Financière de Garantie Interbancaire du Burkina (SOFIGIB)
- Première Agence de Micro Finance Burkina Faso
- Union Régionale des Coopératives d’Epargne et de Crédit du Nazinon (URC-Nazinon)
- Coopérative Diocésaine d’Epargne et de Crédit de Ouagadougou (CODEC-OUAGA)
- Caisse des producteurs du Burkina (CPB)
- Faîtière des Caisses Populaires du Burkina (FCPB)
- COOPEC GALOR
|Creditinfo VoLo||APBEF Burkina||APSFD Burkina|
|Joseph Dodji GbegnonConseiller
Tél : +225 20 22 56 35
|Jean Noël IbrigaDirecteur Exécutif
Tél. : +226 25 31 20 66
|Mme Perpétue CoulibalyDirecteur Exécutif
Tel:+226 25 36 13 78