Credit Reference Bureau Growing

One year after its official launch in late 2008, the Credit Reference Bureau announced that it had distributed cards to over 100,000 borrowers. Biometric information is initially compiled by the banks, which issue each borrower a numbered card linked to their fingerprints. The records held by banks are then turned over for final use to the central credit bureau. With the help of this database, banks have been able to identify and prevent simultaneous borrowing attempts across institutions and/or branches. Over the longer-term, the development of the credit bureau should reduce the risks to lenders, as well the cost of credit to borrowers.

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