Central Bank of Afghanistan Installs Credit Bureau System
Creditinfo and the Central Bank of Afghanistan (DAB) recently signed a contract which involves the setting up of a credit bureau software for DAB in Kabul. This project has major significance for the development of the financial system in Afghanistan.
Reykjavík, Iceland, March 16, 2013 --(PR.com)-- Creditinfo was recently entrusted with a major project in Afghanistan, which involves the setting up of a credit bureau software solution for the country’s Central Bank (DAB). Reynir Grétarsson, the CEO of Creditinfo, signed a contract for the project in Kabul on 19 February. Creditinfo’s personnel in Prague and Reykjavík will be installing the system in a process that is expected to take six to seven months. The project was tendered by the World Bank on behalf of the Central Bank of Afghanistan.
Reynir Grétarsson: “It is a great honour for us to be given the opportunity to participate in the development of the financial system in Afghanistan. We have a great deal of experience in projects of this kind and will continue to participate in the calls for tender of the World Bank, which will be financing this project, and supervised the tendering process. We have managed to create a good reputation for Creditinfo at an international level, by providing cost-effective and efficient solutions, which are key to our success in this field.”
Needless to say, for DAB this project is of a great importance. The goal of the credit registry is to establish a secure credit information system to be used by large organizations such as financial institutions when reviewing credit requests, telecom companies reviewing post-paid applications, and employers investigating job candidates. A reliable credit bureau is essential for the prosperity of borrowers, lenders and the country's economic growth because it provides a mechanism for the Government of the Islamic Republic of Afghanistan, international agencies and Da Afghanistan Bank to monitor and evaluate individual and business debts. Financial institutions will be able to assess risk and issue credits more efficiently. Borrowers can secure loans and negotiate with lenders based on clear criteria, therefore reducing information asymmetry. Currently, there is no systematic mechanisms in Afghanistan for checking individual or company credit histories. This will be a ground breaking initiative that will revolutionize the way business is carried out in Afghanistan and contribute to the development of financial intermediation within the financial system.
About Da Afghanistan Bank:
Da Afghanistan Bank is established as a central bank of Afghanistan in 1939. Da Afghanistan Bank is a juridical person with full capacity under the law. It can conclude the relevant contracts, acquire and dispose of movable and immovable property, and issue its relevant securities and otherwise borrow, and be a party to legal proceedings.
Basic tasks of DAB are to:
• Formulate, adopt and execute the monetary policy of Afghanistan.
• Hold and manage the official foreign exchange reserves of Afghanistan.
• Print and issue Afghani banknotes and coins.
• Act as banker and adviser to, and as fiscal agent of the State.
• License, regulate and supervise banks, foreign exchange dealers, money service providers, payment system operators, securities service providers, and securities transfer system operators.
• Establish, maintain and promote sound and efficient systems for payments, for transfers of securities issued by the State or DAB, and for the clearing and settlement of payment transactions and transactions in such securities.
About Creditinfo:
Since 1997, Creditinfo has been among the fastest growing companies in its field. Between 1998 and 2007 the average annual growth rate exceeded 50 %. Since 2003 the company has offered diversified services in the area of credit risk management with information provision as the core of services, including tools for decision making, models and software. All of Creditinfo core services comply with European Union Directive (95/46/EC) on the handling and transmitting of personal information.
Reynir Grétarsson: “It is a great honour for us to be given the opportunity to participate in the development of the financial system in Afghanistan. We have a great deal of experience in projects of this kind and will continue to participate in the calls for tender of the World Bank, which will be financing this project, and supervised the tendering process. We have managed to create a good reputation for Creditinfo at an international level, by providing cost-effective and efficient solutions, which are key to our success in this field.”
Needless to say, for DAB this project is of a great importance. The goal of the credit registry is to establish a secure credit information system to be used by large organizations such as financial institutions when reviewing credit requests, telecom companies reviewing post-paid applications, and employers investigating job candidates. A reliable credit bureau is essential for the prosperity of borrowers, lenders and the country's economic growth because it provides a mechanism for the Government of the Islamic Republic of Afghanistan, international agencies and Da Afghanistan Bank to monitor and evaluate individual and business debts. Financial institutions will be able to assess risk and issue credits more efficiently. Borrowers can secure loans and negotiate with lenders based on clear criteria, therefore reducing information asymmetry. Currently, there is no systematic mechanisms in Afghanistan for checking individual or company credit histories. This will be a ground breaking initiative that will revolutionize the way business is carried out in Afghanistan and contribute to the development of financial intermediation within the financial system.
About Da Afghanistan Bank:
Da Afghanistan Bank is established as a central bank of Afghanistan in 1939. Da Afghanistan Bank is a juridical person with full capacity under the law. It can conclude the relevant contracts, acquire and dispose of movable and immovable property, and issue its relevant securities and otherwise borrow, and be a party to legal proceedings.
Basic tasks of DAB are to:
• Formulate, adopt and execute the monetary policy of Afghanistan.
• Hold and manage the official foreign exchange reserves of Afghanistan.
• Print and issue Afghani banknotes and coins.
• Act as banker and adviser to, and as fiscal agent of the State.
• License, regulate and supervise banks, foreign exchange dealers, money service providers, payment system operators, securities service providers, and securities transfer system operators.
• Establish, maintain and promote sound and efficient systems for payments, for transfers of securities issued by the State or DAB, and for the clearing and settlement of payment transactions and transactions in such securities.
About Creditinfo:
Since 1997, Creditinfo has been among the fastest growing companies in its field. Between 1998 and 2007 the average annual growth rate exceeded 50 %. Since 2003 the company has offered diversified services in the area of credit risk management with information provision as the core of services, including tools for decision making, models and software. All of Creditinfo core services comply with European Union Directive (95/46/EC) on the handling and transmitting of personal information.
Contact
Creditinfo
Maria Stefansdottir
+354 5509600
creditinfo.com
Maria Stefansdottir
+354 5509600
creditinfo.com
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