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Commercial banks and microfinance institutions will share data on loans contracted in the Mozambican market with Compuscan, a new credit information agency operating in the country.
The service will be supervised by the Bank of Mozambique and, according to a press release quoted by Lusa, will contribute to reducing over-indebtedness and allow creditors to better evaluate and manage risk.
“Credit bureaus provide the financial sector with secure data and a centralised database of consumer and business information. They also provide products and services that help predict risk and reduce fraud, such as credit reports, credit scores, identity checks, accessibility and collection assessments,” the statement says, going on to mention that the bureau’s data are highly protected and their access strictly regulated by legislation.
According to the statement, the new service will generate detailed and confidential credit reports that will enable credit institutions to evaluate their customers’ behaviour in relation to credit repayments.
“By having access to credit information, lenders can respond to credit requests faster, improving the customer experience.”
Currently, credit reporting is carried out by the Bank of Mozambique’s central credit registry and covers only commercial banks. Compuscan, as the first private credit bureau authorised for Mozambique by the central bank, will provide services to all credit providers, covering all sectors.
In addition to Mozambique, Compuscan is present in South Africa, the Philippines, Australia, Uganda, Namibia, Ethiopia, Lesotho and Botswana.
“Compuscan intends to contribute to the financial and economic objectives of the government and the Bank of Mozambique. Compuscan expects to establish a long-standing relationship with all stakeholders in the financial, credit and related business sectors in the country. We want to bring confidence to the Mozambican market,” Compuscan representative in Mozambique Lara Cangi said.
CEO of Source Capital Pedro Coutinho said that “experience in other markets shows that the presence of credit bureaus is associated with broader credit markets, greater lending volumes and access to financing and lower credit risk”.
By Hélia ChopoSource: O País
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