South African credit risk information company Compuscan has been authorised by the Bank of Mozambique to operate in the country, according to a statement released on Wednesday in Maputo.
Its subsidiary Compuscan Mozambique – Sistema de Informação de Crédito will receive information from banks and microfinance institutions, creating conditions for an increase in the number and amount of loans, “by improving access to finance with lower credit risk.”
The service provided by the company will be subject to the supervision of the Bank of Mozambique and, according to the statement quoted by the Mozambican press, “will allow creditors to evaluate and improve risk management, in addition to contributing to the reduction of over-indebtedness.”
The statement added that the new service will produce detailed and confidential credit reporting information that will enable credit institutions to assess their customers’ history and/or ability to repay loans.
Credit reporting, known as the Credit Registration Centre, is currently carried out by the Mozambican central bank, covering only commercial banking, while Compuscan will provide services to all credit providers.
Compuscan, founded in South Africa in 1994 by Remo Lenisa, is currently present in a number of countries including the Philippines, Australia, Uganda, Namibia, Ethiopia, Lesotho and Botswana. (macauhub)