Local credit reference bureau, Credit Data CRB Malawi has struck a deal with Game Stores, Sana, Business Finance Solutions where they will provide data.
Credit Data is a reference bureau duly licensed by the Reserve Bank of Malawi (RBM) and has authority to collect credit information about institutions and individuals.
“The information is then used by lenders and the rest of the business community to make informed credit risk decisions,” said Mwase.
According to the bureau members that become data providers are expected to provide information on debtors.
Mwase added that provision of data is free however, users—those that have authority to access the information held in the bureau’s data bank—are required to pay subscription.
Meanwhile, the bureau is running a “First to Know Campaign” in which the local credit reference bureau aims at sensitising the public about operations of credit bureaus.
According to information gathered from the bureau so far there are some stakeholders that have provided the required data including microfinance, insurance companies.
Credit Data was licensed in 2011 however, it has met a number of challenges in terms of kick starting operations including reluctance by some stakeholders to provide information according to Mwase.