The Central Bank of Sudan launches credit bureau software provided by Creditinfo
“The new credit bureau system replaces an existing solution and will increase the efficiency and enable us to build a comprehensive database about payment performance and financial status of individuals and businesses”, says Elwaleed Kamal Eldin Hussein, Head of IT and Business Development, Central bank of Sudan.With regard to The Central Bank of Sudan the new credit bureau system might have many advantages to different parties (the banks, customers, the banking system, the overall macro economy, and the CBOS), in this context the new credit bureau will:
- Help to develop banking system, which will directly be reflected in the economic development a whole, and lead to a strong financial infrastructure.
- Allow banks and other financial institutions to collect and share data on millions of potential borrowers, thus allowing them to access and determine the customers creditworthiness of each.
- Help banks and financial institutions to frequently recieve loans instalment that enable them to achieve a lower rate of defaults, which will inturm reduce rates of NPLs.
- Have a positive impact on, growth and stability of the Sudanese banking system, decrease processing time and reduce screeming and other transactions cost
- Increase the customers access to loans for small and medium enterprises and reduce non-performing loans.
- Increase the number of beneficiaries from micro finance.
Essam Abdelrahim Ali, Head of Credit Data and Scoring, Central bank of Sudan, says that “the system will not only bring benefits to lenders and borrowers as the customized statistical modelling tool will support the supervisory role of the central bank which conduce to preserve the stability of the Sudanese banking sector.”“For the past one year we have been working closely with the central bank and the financial institutions in Sudan in order to ensure that the system will fully comply with local requirements. The credit bureau system is capable of identifying data subjects despite of no existing unique identity number in Sudan and it supports both Arabic and English languages. We are amazed how fast they are developing and adjusting and it will be exciting to see how they can make the best of this new tool they have acquired,” says Mr. Hakon Stefansson, Senior Manager, Creditinfo International GmbH, “we were impressed to see how dedicated our colleagues in the Central Bank of Sudan were and their ambition to adopt a comprehensive solution within the scheduled time frame.”
“Creditinfo was impressed by enthusiasm and professionalism of project team members from CBOS. We were excited by cooperation which allowed us to deliver whole project on time within given tolerances,” adds Filip Kratochvíl, Project Manager, Creditinfo Solutions.
About the Central Bank of SudanThe Central Bank of Sudan has been carrying out the function of Organizing banking business, monitoring, supervising, and striving to promote and develop as well as increase the efficiency of banks operations, in such a way, that may help to achieve the balanced economic and social development.
The Vision of CBOS: Is to be one of the leading central banks at the regional and international levels in maintaining the financial and monetary stability in such a way as may contribute to the realization of sustained economic growth and reinforce the international confidence in our banking credibility.
It was officially opened in Feb,1960 and since then it has been devoting much efforts to enhance the banking business in the country. The recent banking technology development the country has witnessed is a good evidence for the enormous care the Central Bank of Sudan has been taking in order to participate positively in the rapid economic growth that was achieved in the last five years.