Model Credit Bureau “Open Source” Solution Being Tested in Morocco

Sunday, July 3, 2005

A credit bureau to assist microfinance borrowers move into mainstream financial services.

PlaNet Finance Maroc (Morocco) and Grameen Foundation USA (GFUSA) today announced a joint initiative to develop a software package for creating a credit bureau for microfinance borrowers. This innovative program, when implemented, will allow poor borrowers in Morocco to establish a credit history which will help move them into the financial mainstream.

The project, managed by PlaNet Finance Maroc with technical advice from the Grameen Technology Center (a program initiative of GFUSA), leverages open source tools to allow the easy adoption of the credit bureau management application. Seven of Morocco’s 11 microfinance institutions (MFIs) have tested the first release over the last months and have reported positive results. Following the testing, the first pilot program will be launched in Morocco to validate the technology, and the business and institutional model. Morocco is the most advanced microfinance sector in the Middle East -North African Region, with 11 MFIs reaching more than 450,000 borrowers. It will then be released to other countries seeking a similar credit tracking solution.

“After having tested the Credit Bureau for Microfinance concept en Benin (West Africa) with the World Bank’s funding, PlaNet Finance is pleased to go one step further in the design and implementation of this efficient credit reporting tool for MFIs, and looks forward to implementing new Credit Bureau for microfinance worldwide,” said Arnaud Ventura, Vice President of PlaNet Finance Maroc Board of Directors.
Press release found here.

Source: PRWeb