Credit Reference Bureau Africa, a Kenyan based company has said it would invest at least Rwf300m in Rwanda during a period of one year.

The investment is to set up a fully fledged office, recruit between 20 and 50 staff to operate the office and establish a call centre.

This was said by the vice Chairman of CRB Africa Group, Stephen Mills, shortly after being granted a license by the Central Bank (BNR) to offer the banking sector credit information sharing services in Rwanda.

Governor of the Central Bank Francois Kanimba, said that the licensing of CRB Africa marks a major milestone in the Rwandan banking sector especially in the move towards financial sector development.

Kanimba said the bureau will increase credit to the economy while reducing interest rates.

"We expect that the establishment of a credit information reporting mechanism will go along in addressing the prevalent problem of non-performing loan assets while rewarding good payment behaviour,” Kanimba said during a press briefing.

Access to person’s or company’s credit history is expected to reduce the incidences of financial institutions lending to habitual defaulters.

The credit reference bureau will also provide a platform for lending institutions to strengthen their credit appraisal procedures with a view to enhancing credit quality and responsible credit behaviour in the financial system.

"CRB Africa has built strong relationships across Africa with numerous local and international banks, non –bank and micro-finance institutions and other credit grantors to proactively manage credit risk through provision of credit reporting services,” Mills said.

Chairman of Rwanda Banker’s Association who is also the Managing Director of FINA Bank Steve Caley said that RCB Africa was selected under stiff competition that involved three companies.

Daniel Sackey Managing Director of Ecobank, said high expectations are awaited from CRB Africa but most importantly, credit information and sharing will speed up decision taking and reduce bad behaviour of serial defaulters.

The service of information sharing will also be extended to other big institutions like insurance, utilities and telecom companies.

CRB Africa operates in most African countries including, Rwanda, Zambia, Uganda, Kenya, Malawi and Ghana. Others are Tanzania, Mozambique and Botswana and targeting more eight countries.

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