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CRIF to Develop the First Credit Bureau in Tajikistan - CRIF announced today that it has been awarded the international tender for the development and management of the first credit bureau in Tajikistan - CRIF.com
CRIF to Develop the First Credit Bureau in Tajikistan

 

NewswireToday - /newswire/ - Bologna, Italy, 2012/10/22 - CRIF announced today that it has been awarded the international tender for the development and management of the first credit bureau in Tajikistan - CRIF.com.

   
 
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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.

Moreover, 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.

This increased sharing of information will facilitate access to credit for more businesses and consumers by improving the credit granting process and reducing default rates, as well as promoting responsible decision-making and less discriminatory lending practices.

Considering the economic and financial system in Tajikistan, the local credit bureau will help banks move from a more traditional approach, where credit is mainly granted through collateral, to a more advanced and automated model based on credit references. As a result, lenders will be able to deliver financial services at significantly reduced costs and expand credit to wider segments of the economy.

Specifically, on one side, Tajikistani lenders will be able to make faster and more accurate decisions based on a detailed credit profile of borrowers and improve their risk management. On the other side, the availability of a full credit history will give Tajikistani consumers and businesses easier access to credit, allowing them to obtain more favorable loan conditions.

Using its globally recognized experience in providing 360° solutions to banks and financial institutions, CRIF will also develop a customized credit bureau score, offering significant advantages to the assessment of customer creditworthiness, reliability and level of indebtedness.

Recently, CRIF held the first training session on the new information system in Dushanbe, bringing together the players directly and indirectly involved in the project; from credit risk managers and IT specialists to future members of the credit bureau and Central Bank representatives.

“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.

About CRIF
CRIF (crif.com) is a global company specializing in the development and management of credit reporting, business information and decision support systems. Established in 1988 in Bologna (Italy), CRIF has an international presence, operating over four continents (Europe, America, Africa and Asia).

Nowadays CRIF manages the first positive and negative credit bureau in Italy, as well as the positive and negative banking and non-banking credit bureaus in the Czech Republic, and in the Slovak Republic. Moreover, it has been involved in the development of credit bureaus in Vietnam, Bangladesh, Jamaica, Russia, Hungary, Morocco, and Benin. CRIF is currently the leading group in continental Europe in the field of banking credit information and one of the main operators on an international level in the field of integrated services for business & commercial information and credit & marketing management.

More than 1,900 banks and financial institutions all over the world use CRIF services on a daily basis.

 
 
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Written by / Agency / Source: CRIF

 
 

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CRIF to Develop the First Credit Bureau in Tajikistan

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Publisher Contact: Press Office - CRIF.com 
+39 0514176111 communication[.]crif.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any CRIF securities in any jurisdiction including any other companies listed or named in this release.

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