Company mitigates challenges at Mozambique project
File photo: Domingo
The national financial market now has its first local credit reporting system (credit bureau). The privately-run entity will operate a credit information system aimed at increasing transparency and confidence in commercial banks and microcredit institutions, reducing credit risk and improving access to credit.
This new service will permit all commercial banks and microfinance institutions to share information on loans made in the Mozambican market, and may include other credit providers, such as telecommunications, retailers, utilities and insurance companies.
The managing entity, Compuscan, manages credit information systems in South Africa, the Philippines, Australia, Uganda, Namibia, Ethiopia, Lesotho and Botswana, and now in Mozambique.
Compuscan’s Mozambique launch follows the Bank of Mozambique’s recent authorisation for it to operate the first private credit information system in the country, facilitating access to credit for individuals and companies seeking loans in Mozambique.Source: Domingo