CRIF announced that it has been awarded the international tender for the development and management of the first credit bureau in Tajikistan. The tender was issued by the Credit Information Bureau of Tajikistan (CIBT), with the strong backing of the country’s Central Bank, and supported by the International Finance Corporation (IFC), the World Bank Group member institution specializing in private sector development, which acted as an honest broker in the tender process.
CIBT selected CRIF as a strategic partner thanks to its proven track record in the development of credit information systems worldwide and its knowledge of the Asian market. As part of the goal to be the first world class credit bureau in the region and supporting the development of the local economy, CRIF joined the shareholding company CIBT, made up of major local banks, microfinance institutions and the microfinance association AMFOT, acquiring 49% of CIBT shares.
In line with the local regulatory and legal framework, the credit bureau platform system developed by CRIF will gather positive and negative credit information on individuals and businesses from eligible Tajikistani lending institutions, in particular banks and microfinance institutions.
“The credit bureau will play an important role in the area of credit risk management and in the promotion of a more mature credit culture in the Tajikistan financial system. As we have already experienced in many other countries, the evolution of the financial sector heavily depends on the availability of effective and efficient information systems which streamline credit risk management and consequently sustain the financial needs of businesses and consumers”, explained Enrico Lodi, General Manager of Credit Bureau Services at CRIF.
Source: CRIF Press Release
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