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Press Release:Dun & Bradstreet Promises Most Comprehensive Credit Bureau in Tanzania

04 May


L-R Adrian Pillay (GM Business Development), Adebowale Atobatele (GM Tanzania Bureau) Miguel Llenas (C.E.O) at the Dun & Bradstreet Credit Bureau Workshop in Dar es Salaam recently.

Participants at the Dun & Bradstreet Credit Bureau (T) Limited Workshop

Press Release

Dun & Bradstreet Promises Most Comprehensive Credit Bureau in Tanzania

FINANCIAL institutions in Tanzania are set to enjoy better protection from loan defaulters following the announcement that Dun & Bradstreet Credit Bureau, a company licensed by the bank of Tanzania to provide credit reference services in Tanzania announced that it will commence operations in a few weeks.

The workshop which was attended by Senior Executives of Banks and Financial Institutions in Tanzania, also had in attendance representatives of the Bank of Tanzania, and the International Finance Corporation who graced the event as observers and promoters of the credit reference system in Tanzania.

Speaking at the workshop, General Manager, Dun & Bradstreet Credit Bureau Tanzania Limited Mr. Adebowale Atobatele, explained that with the use of a credit report in the assessment of loan applicants, banks and financial institutions can easily estimate the credit worthiness of loan applicants thereby ensuring that they approve the loans of only those who they (banks) consider to have the propensity to repay based on their credit history.

Speaking further on the benefit of credit reporting, Mr. Adebowale Atobatele said, “The benefits of credit reporting are multi-dimensional. For example, banks and financial institutions, they can expect to make accurate risk predictions, prevent loss, reduce their NPL ratio and increase their ability to lend to a broader risk segment, Also, with a good credit report, consumers can expect to have their loan applications objectively reviewed, they can expect to have easy access to credit and build a strong reputation collateral.”

Speaking during the opening of the workshop D&B Chief Executive Officer (CEO) Miguel Llenas said, “Our aim is to build the most comprehensive Credit Bureau in Tanzania thereby playing a significant role in boosting Tanzania’s economy and financial soundness. We are in Tanzania to help improve the lending culture. We want to see a situation where people develop a culture of repayment not only because it is morally right to repay loans but because it is in the best interest of the economy.”

Credit bureaus, established by Dun & Bradstreet, have reduced the information asymmetry between lenders and borrowers thereby creating transparent and efficient credit information system.

Dun and Bradstreet Credit Bureaus Tanzania Ltd. will work closely with Central Banks, commercial banks, financial institutions, insurance companies, economic development boards and various government entities and to build a robust credit information infrastructure for Tanzania.

Nevertheless Mr. Adrian Pillay General Manager Dun and Bradstreet Credit Limited named some D&B Credit Bureaus implementations as Credit bureau of Nepal, CRB that is in Sri Lanka, Emcredit that is in Dubai, Credit Reference Company that is in Nigeria and iScore in Egypt.

Participants at the workshop expressed hope, that with the presence of Dun & Bradstreet Credit Bureau in Tanzania, the country’s financial sector will be further protected from collapse.

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