Experts discuss the creation of the first credit bureau in Ivory Coast
A group of experts met in Ivory Coast at the initiative of the Ministry of Economy and Finance, to discuss the establishment of the first credit bureau in the country.A group of experts met in Ivory Coast at the initiative of the Ministry of Economy and Finance, to discuss the establishment of the first credit bureau in the country.
Credit bureaus help collect information on borrowers and make this data available to lenders in order to help them make a decision.
They can address the deficit of information between lenders and borrowers so that lenders can make a proper risk assessment.
Banks are reluctant to lend because of this deficit and when they do, it is at the cost of many guarantees and high rates, said Essoh Latro, Technical Advisor of the Ministry to the Prime Minister, quoted by Fraternité Matin.
Experts believe that this credit bureau should contribute to the development of credit in the country by reducing the information gap.
According to figures from the BCEAO, the potential for development is important, given that only 7.3 per cent of adults have access to credit in the WAEMU region - which includes Ivory Coast.
A more efficient financial system would also benefit small and medium-sized enterprises, which account for over 98 per cent of companies in the country and contribute to about 18 per cent of GDP.