MFI credit bureau on course in Ghana
Wednesday, October 1, 2014
Work on a credit referencing system for the microfinance sector is scheduled to be completed by middle of next year, the Ghana Association of Microfinance Companies (GAMC) has said.
According to the umbrella-body of the microfinance companies, it is currently working with the Bank of Ghana and other licenced credit bureaus to develop a system for companies operating within the microfinance sector.
A credit bureau is a repository of credit information, a neutral entity that collates consumer credit information by soliciting creditors such as banks and other lending institutions to contribute and share their credit information on consumers.
Chairperson of the Association Collins Amponsah-Mensah told the B&FT plans by the association to get its own credit referencing system will enhance the operations of companies in the sector.