CRIB on a journey to empower MSME
The Credit Information Bureau (CRIB) is collecting alternative data for the Micro, Small, and Medium Enterprises (MSME) score and will be onboarding data from the insurance sector as an initial step, officials said.
CRIB aims to gather non-traditional data familiar to specific sectors, focusing on utility payments and insurance and by leveraging this data, the goal is to encourage these sectors to engage with financial institutions, Pushpike Jayasundera, Director / GM CRIB, told The Sunday Times Business.
Banks and finance companies can utilise this information as collateral, potentially facilitating access to financial services for these sectors. “This approach seeks to bridge the gap between non-traditional data sources and the financial sector, promoting greater financial inclusion and support,” Mr. Jayasundera said.
CRIB has plans to sign a memorandum of understanding with the Korean Credit Bureau and its counterpart in Vietnam for cross-border data sharing, he added.
The monitoring and alerts tool that CRIB launched recently is gathering momentum, and many companies are adopting the intelligent portfolio management tool, Mr. Jayasundera said. Similarly, about 10 to 12 companies have already adopted the credit tool that the CRIB launched recently.
Meanwhile, the Ethiopian Central Bank has requested an appointment with the CRIB to explore the asset registry and all the new initiatives, Mr. Jayasundera further said.
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