29 April 2013

Tanzania: First Credit Bureau to Meet Banks

THE country's first licensed Credit Bureau--Dun and Bradstreet--is set to meet with bank executives at a consultative workshop this week.

The workshop which is a precursor to the official opening of Dun and Bradstreet Credit Bureau's offices in the country seeks to bring together the bureau, banks and financial institutions, many of which have played a key role in ensuring Tanzania gets a globally respected credit bureau.

It's widely believed that, with the credit bureau on operation, lenders will have access to more information about borrowers, leading to reduction in loan default rates, interest rates and increased access to credit facilities.

According to the Chief Executive Officer of Dun & Bradstreet Credit Bureaus Limited, Mr Miguel Lienas, the company envisages building the most comprehensive Credit Bureau capable of boosting the country's economy and financial soundness.

"To this end, the workshop is designed to be very detailed and will focus specifically on how we intend to help banks and financial institutions in Tanzania improve the assessment of credit/loan applicants with a view to ensuring that they make only the most informed business decisions," he said.

Banks and financial institutions in Tanzania have had to grapple with high ratios of Non-performing loans on their books, leading to low operational profits.

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