CREDIT REFERENCE BUREAU KICKS OFF IN SEPTEMBER

The long awaited Credit Reference databank at the Bank of Tanzania (BoT) is expected to start operating in September this year in an effort to facilitate easy access to borrowers’ information by bankers.

This was revealed by the BoT’s Deputy Governor (Financial Stability and Deepening) Lila Mkila in Dar es Salaam this week when opening a one-day workshop on the establishment of the credit reference bureau.

“Already hardware and preliminary software have already been supplied and installed…pilot testing is expected to begin in June this year and the databank will kick off this September,” he said.

Having credit information system in place has many advantages to the financial sector, he added. They include improvement in the performance of the sector and stimulating economic development by addressing.

Also, borrowers may use their positive credit history as collateral to access loans at better rates and seek more competitive terms from different lending institutions, he said.

“By addressing the problem of information asymmetries, the credit information sharing system is expected to promote increasing level of trust between lenders and borrowers, resulting in increased volume of credit in the economy,” Mkila said.

This trust, the deputy governor said, would also increase transparency and competition among the lenders, he said.

The BoT deputy governor also told chief executive officers and senior officials of commercial banks, financial institutions and other stakeholders that BoT has already invited interested operators to apply for credit reference bureau licenses.

Source – The Guardian

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