Tanzania: Central Bank Licences Second Credit Bureau

September 5, 2013 - AllAfrica.com 

The Bank of Tanzania (BoT) has licenced the second firm-- Dun & Bradstreet Credit Bureau Tanzania Limited--raising hopes of curbing the high rate of loan defaults in the country.. 

The receipt of the licence by the Dun & Bradstreet confirmed empowers the firm to offer Credit Bureau and related services in Tanzania.

Dun & Bradstreet Credit Bureaus Chief Executive Officer Miguel Llenas said in an interview yesterday that the good news of getting the operating licence comes with great responsibilities ahead.

"We are delighted at the issuance of the licence by BoT and we thank them for giving us the opportunity to bring our expertise to the benefit of all Tanzanians and all those doing business in Tanzania," he said..Mr Llenas said his firm was well prepared to play the role in protecting and strengthening Tanzania's economy through its financial services.

General Manager Dun & Bradstreet Credit Bureau in Tanzania Adebowale Atobatele expressed high optimism for the Credit Reference System (CRS) to become a success program under BoT support and collaborative efforts of all stakeholders.

“He said, "We are glad that we are finally kicking-off operations in Tanzania and we are very optimistic that with everyone playing their role responsibly, we will ably create and deliver superior value to all stakeholders."

With the commencement of the firm's operations, he said, banks can now look forward to processing loan applications faster, reducing operational costs and with better information.

Dun & Bradstreet operates in 200 countries, having deployed its Credit Bureau solutions in several countries across Africa, Middle-East and Asia.