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Bank of Mozambique authorises credit information agency service

The Bank of Mozambique has authorised Compuscan to operate as the primary credit information agency in the country, the South African company announced on Wednesday.

 

The new company should receive information from banks and microfinance institutions to create conditions for “an increase of loan volume, by improving access to financing with lower credit risk,” it said.

“This new service will lead all commercial banks and microfinance institutions to share data on loans made in the Mozambican market and could include other credit providers such as telecommunications, retailers, public utility services, insurance companies, among others,” it added.

The service is under the legislation introduced in Mozambique in 2015 and will be supervised by the central bank, the company added.

The data “is highly protected and its access is strictly regulated by legislation,” it said, pointing out how the benefits of sharing information contribute to creating an “improved range of borrowers, reduced default rates and, gradually, lower interest rates.”

Source: Lusa via Club of Mozambique

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