Compuscan Credit Reference Bureau Namibia – headquartered in Stellenbosch, South Africa – has officially announced that its credit bureau licence has been approved by the Bank of Namibia, the country’s central bank. The issuing of this licence, during the first quarter of 2016, will ultimately result in positive growth for the country’s credit industry, and for consumers who could have additional databases count in their favour towards their creditworthiness.
This comes as a result of new regulations being issued by the Bank of Namibia in July 2014 to ensure that all credit bureaus are regulated. In the past, willing credit providers were able to submit their data to credit bureaus. Now, all credit providers (including banks and microlenders) and other entities (such as utilities companies, state agencies, courts or judicial officers, local authorities and any other entity that provides goods or services that give rise to a credit agreement) will be required to supply their data to registered credit bureaus with the implementation of these new regulations. Based on these developments, the Bank of Namibia will indicate a new data layout that will need to be implemented by data suppliers who submit to the registered credit bureaus.
Comments Corné van Niekerk, Manager at Compuscan Credit Reference Bureau Namibia: “Due to the fact that more entities will be required to submit data, we will house additional datasets upon which consumers’ creditworthiness can be based. In other words, credit providers will be able to do more in-depth affordability studies. For consumers managing their repayments on accounts well, this development is good news, as they will have additional positive data listed on the bureau. We will also eventually be able to offer our clients other products, ultimately contributing positively to the functioning of the credit industry in Namibia.”
Compuscan extended its credit bureau services to Namibia in 2000 and has since reinforced its presence in various countries across the African continent. Also in the year 2000, Compuscan expanded its reach to Botswana where it likewise implemented credit bureau services. Shortly thereafter, in 2006, Compuscan won an international tender to establish Uganda’s first full service credit bureau. Following this, Compuscan developed a biometric based smart card ID system, known as the Financial Card System, for all borrowers in Uganda.
Compuscan also received a tender by the National Bank of Ethiopia to establish the country’s first credit bureau. In 2013, the Central Bank of Lesotho accepted Compuscan’s application for the registration of a credit bureau in Lesotho.