Creditinfo Volo signs contract in Benin and now covers all countries of the West Africa Monetary Union
The signage of contracts for data sharing between the Credit Bureau (BIC) of West Africa Monetary Union (WAMU), Creditinfo Volo and 26 Benin institutions, amongst which 15 banks and 11 other large microfinance institutions, represents a very important step in concluding legal proceedings to build a strong financial ecosystem in West Africa. Benin is the final country from the 8 members of the WAMU to enable such information sharing and therefore will contribute in strengthening and increasing the efficiency of credit management in the whole region.
Creditinfo acquires a Kenyan mobile financial services provider to facilitate financial inclusion
On Friday, 24th March 2017, an agreement was signed between Creditinfo Group and Alternative Circle, a Nairobi-based mobile financial solutions innovator, to facilitate financial inclusion in Africa. Seed capital, as well as extensive Creditinfo expertise in classic and alternative credit risk management, will empower Alternative Circle to enable access to consumer data that was unavailable before, therefore lowering barriers to a wider population to get access to finance.
Lenders in transformation to optimize the use of new data source
The vast data source in the Kenyan credit bureau are currently under utilized by the markets’ banks and MFIs according to credit bureau expert Kamau Kunyiha CEO of Creditinfo Kenya. The lenders will need to transform their processes or be left behind by the competition.
Creditinfo Lithuania‘s R&D project approved for EU funding
Creditinfo Lithuania together with partners received an approval for more than 430 thousand euros EU funding. Funding is allocated for research and innovation activities.
The Reserve Bank of Zimbabwe launching online exchange of information between banks via Creditinfo Credit Bureau Solution
The Reserve Bank of Zimbabwe (RBZ) announced on January 1st the official launch of the system for online exchange of information between banks via Creditinfo Credit Bureau Solution. The operation is live already.
New law on credit bureaus comes into force in Azerbaijan
Big news for the economy of Azerbaijan: on 7 December 2016, the President of the Republic of Azerbaijan signed the Decree on implementation of the Law on Credit Bureaus, which will be the foundation of credit bureau operations in the country. Continue reading »
Central Bank of Iraq to start online credit information exchange
On Tuesday, December 6th, the Central Bank of Iraq announced the launch of online exchange of information between the banks via a credit bureau system. The system, named CBS5, is provided by Creditinfo, who won an international tender initiated by WorldBank. The credit bureau system was built from scratch in only 10 months, including transfer of know how and financial institutions’ education and training in risk management. According to the Central Bank’s official press release, from now on this solution will enable a fast and reliable way to share credit information between government and private banking institutions. The implementation of a modern credit bureau system will contribute in increasing the efficiency of risk assessment in order to make sound credit decisions.
Interview: the President of the Azerbaijan Banks Association about the credit bureau in Azerbaijan
Zakir Nuriyev, the President of the Azerbaijan Banks Association, mentions the benefits of the establishment of a credit bureau in Azerbaijan in his interview for Banco.az. He states that along with banks and non-bank credit institutions, the credit bureau will process much more information on payment behavior than only information on loans. The credit bureau information will include individual, insurance, leasing, telecommunication as well as utility companies’ data, thus allowing to gather more information about borrowers, such as whether they actually pay phone bills, water or electricity invoices.
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Creditinfo Solutions is celebrating its 10th anniversary
Creditinfo Solutions is celebrating its 10th anniversary. A decade ago, on 1st December, 2006, we opened our doors, not knowing what was about to happen. Since then, we have grown from just a couple of employees to in excess of 100 employees. The company’s initial focus working with just local clients changed after a short period of time. Creditinfo Solutions, with the support and backing from our parent company, Creditinfo Group, soon began to successfully sign a number of sizeable deals to deliver credit bureau solutions in Sudan, Tanzania, Afghanistan, Iraq, Indonesia, Latvia and South Sudan. Now, our clientbase spans more than 40 countries around the world.
