Rwanda’s Credit Reference Bureau (CRB) is planning to launch a countrywide awareness campaign to sensitize the population about the benefits of the bureau.
The CRB is a new concept that is responsible for providing accurate information on borrowers’ debt profiles and repayment history, an activity currently done by lending institutions.
“The campaign will start soon and it will focus on the benefits that CRB provides to the people and how it can make an impact on business,” said Paul Pavlidis the Chief Executive Officer of CRB.
The campaign will be spearheaded by stakeholders such as the National Bank of Rwanda (BNR), the bankers’ association, insurance companies and microfinance institutions.
Pavlidis said that the credit history of borrowers is important and should be used as their asset hence the need to speed up the campaign.
The CRB idea came into place in 2009 when the Rwanda Bankers Association released a request for a proposal to a number of international bureau operators to bid for the opportunity to establish and operate the credit bureau in Rwanda.
The recorded information will be used by commercial banks, credit institutions and Microfinance institutions to make quick decisions on a client’s loan request.
Pavlidis said the new credit bureau services will encourage lending and commitment to loan repayment which will ease access to credit and boost economic growth.
Additionally, the existence of CRB will enhance competition within the financial sector and will also align and support government programs.
CRB Africa is the largest networked credit reference bureau and credit management solutions provider with current operations in 9 African countries.