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”
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”
MicroCapital Story, November 17, 2011, “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
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
Similar Posts:
- MICROCAPITAL BRIEF: Non-performing Loan (NPL) Ratios Up Among Microfinance Providers in Bangladesh
- MICROCAPITAL BRIEF: I&M Bank Enables Spenn Mobile App Users to Send Money to Financial Institutions Across Rwanda
- MICROCAPITAL BRIEF: IsDB, La Poste Tunisienne to Replicate Digital Financial Services via Postal Service in Djibouti
- SPECIAL REPORT: Save the Date for SAM 2023 – African Microfinance Week – in Togo, October 16-20!
- MICROCAPITAL BRIEF: Patasente Agricultural Trading Platform Accesses Credit Line Via Verdant Capital for Onlending, Invoice Discounting in Uganda
