MICROCAPITAL BRIEF: Creditinfo Group’s Credit Reference Bureau Licensed in Tanzania

The Bank of Tanzania (BOT), Tanzania’s central banking authority, has granted an operating licence for the establishment of a credit reference bureau [1].

Creditinfo Tanzania, a subsidiary of Creditinfo Group of Iceland, will begin operations in Tanzania in the city of Dar es Salaam, and intends to work alongside banks and non-bank financial institutions, savings and credit schemes, microfinance companies and other licensed and supervised firms to ensure responsible lending and borrowing [1].

Credit Reference Bureau will aim to improve the assessment of credit risk and portfolio management. According to a statement attributed to Creditinfo Tanzania’s director, David Kahwa, the information generated by Creditinfo Tanzania will enhance speedy credit decisions as well as accurate pricing of loans and interest rates [1].

As of 2012, Creditinfo Group had operation in 15 different countries in Europe and Africa, with 250 employees.

By Ernie B.D. Wulff, Research Associate

About Bank of Tanzania (BOT)

The Bank of Tanzania is Tanzania’s central banking authority, created by government decree in 1992 and charged with using monetary policy to create price stability. In its efforts to achieve price stability, the bank formulates and implements monetary policy, by using instruments, such as refinancing policy, minimum reserve policy, open market policy, foreign exchange interventions and other instruments.

About Creditinfo Group

Creditinfo Group is a privately-owned credit reference bureau headquartered in Reykjavík, Iceland, with subsidiaries in 15 other countries in Europe and Africa. The company began operations in 1997 in Reykjavík and has 250 employees across its subsidiaries.

Sources and Additional Resources

All Africa Story: “Tanzania: Credit Reference Bureau Opens in Dar es Salaam” [1],

http://allafrica.com/stories/201306270497.html

MicroCapital Story, May 29, 2013, “MICROCAPITAL BRIEF: Azerbaijan Microfinance Association Considers Credit Bureau for Micorlenders”

https://www.microcapital.org/microcapital-brief-azerbaijan-microfinance-association-considers-credit-bureau-for-microlenders/

MicroCapital Story, December 12, 2013, “MICROFINANCE PUBLICATION ROUND-UP: Trends in Cross-Border Funding for Microfinance; Microinsurance Among Microcredit Groups in Tanzania; Asian Development Bank Interventions Fail to Reach Enough Poor People”

https://www.microcapital.org/microfinance-publication-round-up-trends-in-cross-border-funding-for-microfinance-microinsurance-among-microcredit-groups-in-tanzania-asian-development-bank-interventions-fail-to-reach-enough-poor/

MicroCapital Story, November 17, 2011, “MICROCAPITAL BRIEF: International Finance Corporation (IFC) Mobilizes $40m to Support Peruvian Microfinance Institution Mibanco,”

https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-mobilizes-40m-to-support-peruvian-microfinance-institution-mibanco/

MicroCapital Universe Profile: Bank of Tanzania (BOT)

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bank+of+Tanzania

MicroCapital Universe Profile: Creditinfo Group

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=CreditInfo

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