The Zimbabwe credit reference system is expected to go live this week. This system will show all the credit history of any prospective borrower before evaluating if they are worth to lend to. The Reserve Bank of Zimbabwe saw a great need to improve risk management on credit and gave Creditinfo a Czech Republic based credit checker, a tender worth 1.8 million US Dollars to set up the credit reference system. Banks have already given the RBZ data to feed into the system and a team has been sent for training on how to operate the system. This move is likely to improve the status of Non-Performing Loans (NPL) which had declined greatly. Financial institutions will now know the credit history of their customers and they will also know how a customer acquires wealth, the exact figures and intervals of cash flow.
More: Newsday
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