Creditinfo
and VoLo Africa are pleased to announce their agreement to merge their credit
bureau operations and establish a joint venture (JV), Creditinfo VoLo
Africa, with
the objective of working together in West Africa, in the area of credit
bureaus, risk management and biometric information.
Both organisations will actively
be involved in steering the future of the business in Africa, bringing
structure and strategic direction with the aim of increasing the stability of
the African financial system and stimulating investment and financial
inclusion, to create an environment in which the African banks can provide the
required facilities for all borrowers, ranging from small enterprises and micro
enterprises.
The private sector in Africa
plays a key role in increasing financial inclusion and in providing the
financial infrastructure necessary for sustained economic growth. The JV will
jointly develop an improved system that will be a fundamental part of the
financial infrastructure of Africa by providing high-quality credit information
to the financial sector.
Through
the exchange of information, credit reporting systems can be established to
enable financial systems to use accurate information to offer credit based on
objective criteria. The result is lower risk and costs for the creditor and
increased economic opportunities for SMEs and members of society and especially
for those at the bottom of the financial pyramid. Working together,
Creditinfo and VoLo will design, integrate and implement strategic solutions to
improve credit risk management procedures in Africa.
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