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Zimbabwe: 'Most Bank Loans in Credit Registry

30.05.2017

Eighty-four percent of loans in the banking sector have been uploaded to the Reserve Bank of Zimbabwe's credit registry, which went live recently.

Eighty-four percent of loans in the banking sector have been uploaded to the Reserve Bank of Zimbabwe's credit registry, which went live recently, the Office of the President and Cabinet, which is spearheading doing business reforms, said.

The percentage figure represents 314 833 out of a total of 371 485 bank loans extended to 361 525 individuals and 9 960 firms since the RBZ's credit registry became operational in January this year, the OPC said in an update statement yesterday.

The OPC said Zimbabwe's 19 bank are subscribers to the credit registry, meaning the banking institutions are required to check with it before granting loans in order to get information on the credit history of the applicant before granting loans.

The credit registry addresses Zimbabwe's ease of doing business deficiencies relating to getting credit and explores two sets of issues, strength of credit reporting systems and effectiveness of collateral and bankruptcy laws in facilitating lending.

"As of May 23, 2017, the credit registry had loaded 84,75 percent or 314 833 banking sector loans in the data base," the OPC said.

The credit registry is now in the process of registering the top 20 micro-finance institutions to the system. Read more on All Africa.

Source: All Africa