News Item
31.10.2011
The Bank of Tanzania is the central bank of the United Republic of Tanzania. Its primary economic objective is maintaining price stability in order to ensure a balanced and sustainable growth of the national economy.
“There are two things which we hope to accomplish by creating a Credit Reference Databank System,” says Mr. Eliamringi Mandari, Assistant Manager of Credit Reference System and the Databank System Project Manager. “On the one hand, to provide the Bank of Tanzania with functionality to undertake a detailed analysis of the data for the on-going monitoring of financial sector system risk. And on the other hand, to facilitate the way for an establishment of private credit bureaus by providing them access to data from all banks and financial institutions at a single point.”
Says Mr. Mandari: "We wanted to facilitate information sharing between banks and non-banking financial institutions and at the same time enable the Bank of Tanzania to safeguard financial stability, promote competition in the financial sector, increase access to finance and promote the development of a sound credit business."
For years, Creditinfo has provided solutions for credit bureaus and central banks the world over. The company uses official and customer information sources to facilitate best practice decision making in credit risk management. Currently operating in 16 countries, Creditinfo has already acquired extensive experience in emerging markets.
"We are currently working on two projects in Africa,” says Hakon Stefansson, Senior Manager of Creditinfo International GmbH. “One with the Central Bank in Sudan, implementing a credit bureau software, and the other in Cape Verde, where we are setting up a credit bureau with the local banks and the Chamber of Commerce. In Tanzania we have a different approach as the Bank of Tanzania will not be running a credit bureau. We believe this can be a good precedent for other countries and are looking forward to this challenging project, convinced that it will be successful. Our partner, the Bank of Tanzania, has already done an excellent job in the preparation process."
“We are really ambitious and eager to be able to create this kind of data bank and we saw Creditinfo as a vendor that could fulfil all our requirements," says Mr. Mandari. "Today, information asymmetry exists between lenders and borrowers, so this solution will bring our banking to the next level.”
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The Bank of Tanzania selects Creditinfo International GmbH to bring its banking to the next level
As a result of a tender process organised by the Bank of Tanzania with the support of the World Bank, Creditinfo has been selected to set up a Credit Reference Databank System in Tanzania. This important step will help the Bank of Tanzania ensure financial stability and enable lenders to assess the credit risk of potential customers.
“There are two things which we hope to accomplish by creating a Credit Reference Databank System,” says Mr. Eliamringi Mandari, Assistant Manager of Credit Reference System and the Databank System Project Manager. “On the one hand, to provide the Bank of Tanzania with functionality to undertake a detailed analysis of the data for the on-going monitoring of financial sector system risk. And on the other hand, to facilitate the way for an establishment of private credit bureaus by providing them access to data from all banks and financial institutions at a single point.”
Says Mr. Mandari: "We wanted to facilitate information sharing between banks and non-banking financial institutions and at the same time enable the Bank of Tanzania to safeguard financial stability, promote competition in the financial sector, increase access to finance and promote the development of a sound credit business."
For years, Creditinfo has provided solutions for credit bureaus and central banks the world over. The company uses official and customer information sources to facilitate best practice decision making in credit risk management. Currently operating in 16 countries, Creditinfo has already acquired extensive experience in emerging markets.
"We are currently working on two projects in Africa,” says Hakon Stefansson, Senior Manager of Creditinfo International GmbH. “One with the Central Bank in Sudan, implementing a credit bureau software, and the other in Cape Verde, where we are setting up a credit bureau with the local banks and the Chamber of Commerce. In Tanzania we have a different approach as the Bank of Tanzania will not be running a credit bureau. We believe this can be a good precedent for other countries and are looking forward to this challenging project, convinced that it will be successful. Our partner, the Bank of Tanzania, has already done an excellent job in the preparation process."
“We are really ambitious and eager to be able to create this kind of data bank and we saw Creditinfo as a vendor that could fulfil all our requirements," says Mr. Mandari. "Today, information asymmetry exists between lenders and borrowers, so this solution will bring our banking to the next level.”