Experian has signed an agreement with PlaNet Finance, an international NGO (Non-Governmental Organisation) dedicated to reducing world poverty through the development of microfinance, to promote credit bureau projects in countries where microfinance is developed.  

The initiative will enable microfinance institutions, which offer financial services to those living in poverty and excluded from the standard financial system, to make more reliable decisions about the lending applicant. Introducing a credit bureau to store and share information about microfinance customers will provide a better visibility of a borrower´s past and ongoing history, and will help lending institutions to develop further the microfinance activity.

The agreement with PlaNet Finance covers all areas where microfinancing systems are in place, and combines all the benefits of sharing the valuable customer data held by lending institutions, to create a more efficient and stable sector. The introduction of a credit bureau is considered to be the most effective tool to help to grow the economy of the country by assisting responsible lending and making credit available to new low risk customers.

Experian is one of the world’s leading providers of credit bureau services and solutions, and has the experience and the software tools to support PlaNet Finance to build the credit bureau capabilities to serve the microfinance sector. 

Elio Vitucci, Experian Decision Analytics' Managing Director, commented: ”Experian is very pleased to collaborate with PlaNet Finance, as it is one of the best global player in the microfinance sector. This initiative will foster the microfinance sector in developing countries, creating a more stable economic environment and better conditions for credit borrowers. There are further benefits of this collaboration for the borrower as microcredit also has a positive impact on the beneficiary's family.”

Jacques Attali, President of PlaNet Finance, said: “This partnership with the global leader in credit bureau technologies will enable PlaNet Finance to increase its expertise, and rapidly develop its risk management activities, thus participating more actively in the sector’s transparency and the protection of microfinance clients from over-indebtedness.”

Contact us for further discussions about this article

Top