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Credit Registry loads 85% of total loans since January

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Credit Registry loads 85% of total loans since January

HARARE – The Reserve Bank of Zimbabwe (RBZ)’s Credit Registry system which became operational in January 2017 has to date loaded 84.75 % of total loans extended by the banking sector in its data base.

According to a press statement on the update of ease of doing business, the Office of The President and Cabinet said the banking sector has a total of 371 485 loans given to 361 525 individuals and 9 960 corporations.

“The OPC as the coordinator of the Ease of Doing Business measures is happy to report that the Reserve Bank of Zimbabwe successfully deployed the Credit Registry system in November and December 2016 and the system became operational in January 2017.

“All the nineteen banking institutions are subscribers to the credit registry system, meaning that banking institutions are required to check with the registry before granting loans, in order to get information on the credit history of the applicant before granting loans,” read part of the statement.

The OPC said the Credit Registry is already in the process of registering the top 20 micro-finance institutions as subscribers to the system.

It said these institutions represent 84% of the assets of the microfinance sector and once registered will have full access to the registry with effect from the 30 May 2017.

“There are also plans to co-opt the rest of the micro-finance institutions, numbering approximately 160, after their personnel have under gone training.”

The Reserve Bank of Zimbabwe will commence training of micro-finance institutions as data providers in June 2017.

The OPC said during the process of creating the Credit Registry, the RBZ met with a number of key stakeholders to ensure that the system is “fit for purpose” and able to address the concerns of key stakeholders in the micro-finance sector.

It added that studies have shown that comprehensive data on consumer credit histories significantly reduces the costs to new lenders entering loan markets, and may eventually enable the banking and micro-finance sector to tap into global capital markets to obtain funds for lending.

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