Creditinfo Tanzania – the first fully licenced and operational credit reference bureau in Tanzania.

Direcotor Credit Bureau Expansion- Creditino Group Mr.Hakon Stafansson speaking at the press conference today at Serena Hotel (left) is Mr.Davith Kahwa,Director-Creditino Tanzania.

 Creditinfo Tanzania Limited (CIT) received the licence to conduct credit reference business after satisfactorily met the conditions stipulated in the provisional licence that was granted by the Bank of Tanzania on October 2012 and demonstrated its readiness to commence business. This means that Creditinfo Tanzania, is the first company to receive a licence to operate a credit reference bureau in Tanzania issued under Section 48 of the Bank of Tanzania Act, 2006.

Subsequently, on 12^th June 2013, Creditinfo Tanzania started to provide services to public and various categories of business that are denominated under the Act as being eligible to provide credit information to a Credit Reference Databank. These include banks and non-bank financial institutions, savings and credit schemes, micro-finance companies, any other finance company that are licensed and supervised by the Bank of Tanzania. Similar services are available for subscriptions to all other credit providers, he added.

speaking at the press conference today, Mr. Hakon Stefansson, on of the shareholders & Director Credit Bureau Expansion – Creditinfo Group said “Credit Reference Bureaus ensure responsible lending and borrowing, which is particularly important for the growing economies. Currently more than 45 banks have licenses issued by the Bank of Tanzania, and their successful development as well as successful development of country’s economy as a whole could be influenced by an adequate clients’ risk evaluation. 

Credit reporting systems will improve credit risk and credit portfolio management, enhance financial supervision and financial sector stability and access to credit. We are delighted to have the opportunity to contribute to the Government of Tanzania’s efforts of creating sound financial infrastructures“. 

Mr. Davith Kahwa, Director– Creditinfo Tanzania said “We are also far advanced in negotiations with public information providers to access data that will allow us to develop value-added products. 

We anticipates that reliable, credible and accessible credit information will revolutionize the way credit decisions are made in Tanzania, facilitating effective risk management, quicker decisions and more accurate pricing of risks associated with credit decisions as well as reduced interest rates”

Persons who had difficulties accessing credit due to a lack of collateral will now be better positioned to do so provided they can demonstrate an excellent credit history and credit score. For the first time Tanzanians now can obtain a copy of their credit report” Mr Kahwa added  

The company will be investing heavily in training and the provision of technical oversight for the members of its user group, noting that a specialist in credit bureau systems and risk management will arrive in country in August to train our subscribers” 

"Creditinfo Tanzania is committed to differentiating itself by focusing not just on the core business of individual and corporate credit information but also introduction of automated credit scoring software tools and developing value-added products from publicly accessible data sources, packaging them and making them easily accessible to users," Mr Stefansson concluded