CRIF, the Credit Information Bureau of Tajikistan (CIBT) and the International Finance Corporation (IFC), the World Bank Group member institution specializing in private sector development, came together to launch the technical and business operations of the first private credit bureau in Tajikistan.

During the launch event held on June 12 2013 CRIF presented its all-round experience in the development of the credit bureau project and highlighted the positive impact of a centralized information system on the local credit market. CRIF joined a line-up of important speakers, including the IFC Country Office for Tajikistan, the Vice Prime Minister of the Republic of Tajikistan, the State Advisor on Economic Policy – President’s Office of the Republic of Tajikistan, the Chairman of the National Bank of Tajikistan, the World Bank Country Manager in Tajikistan, and the Chairman of the Association of Banks of Tajikistan.

The event marked the fact that the credit bureau platform system developed by CRIF is now open to start gathering positive and negative credit information on individuals and businesses from eligible Tajikistani lending institutions, banks and microfinance institutions, who can in turn query the system to see the credit histories of their clients.

“The credit bureau will play a pivotal role in credit risk management and in the promotion of a more mature credit culture in Tajikistan. As CRIF has already experienced in many other countries, the evolution of the financial sector depends heavily on the availability of effective information systems which streamline credit risk management and consequently support the financial needs of businesses and consumers,” said Enrico Lodi, General Manager of Credit Bureau Services at CRIF.

Source: CRIF Press Release