CREDITINFO AND PRIDE TANZANIA PARTNER TO PROMOTE RESPONSIBLE LENDING

Creditinfo Tanzania Limited Chief Executive Officer, Davith Kahwa (left) and Promotion of Rural Initiatives and Development Enterprises Limited (PRIDE) Tanzania Managing Director, Rashid Malima (right) signing the partnership agreement documents in Arusha yesterday.

Creditinfo Tanzania Limited Chief Executive Officer, Davith Kahwa (left) and Promotion of Rural Initiatives and Development Enterprises Limited (PRIDE) Tanzania Managing Director, Rashid Malima (right) exchanging partnership agreement documents in Arusha yesterday.

Creditinfo Tanzania Limited and Promotion of Rural Initiatives and Development Enterprises Limited (PRIDE Tanzania) yesterday announced concluding a strategic partnership. The partnership aims to support PRIDE Tanzania to make better informed credit decisions, improve overall business performance and pursue joint ambition of promoting responsible lending and financial inclusion.

Davith Kahwa, CEO, Creditinfo Tanzania, commented “Microfinance Institutions (MFIs) still dominate the base-of-the-pyramid lending landscape in Tanzania. However, in increasing numbers, other types of lenders, including commercial banks, consumer lenders, retailers and other nonfinancial firms, are also now targeting these market segments. For credit reporting to be effective as a tool in averting over-indebtedness, all relevant lenders in our market need to participate. We are delighted that PRIDE Tanzania is taking the lead by participating and integrating credit information into their customer lifecycle management processes. We are committed to support PRIDE Tanzania to improve credit risk management processes and ultimately overall business performance,“ he added.

“PRIDE Tanzania is pleased to welcome Creditinfo as a new strategic partner. We believe effective credit reporting systems, with adequate market coverage, is a critical investment for the Microfinance sector to ensure sustainable growth and avoid client over-indebtedness. This collaboration supports our long term business objectives. We are looking forward to a mutual rewarding business relationship with Creditinfo,” said Rashid Malima, Managing Director, PRIDE Tanzania.

About Creditinfo 

Creditinfo Tanzania Limited is the first licensed credit reference bureau in Tanzania, it forms part of Creditinfo Group. Creditinfo is a leading service provider for credit information and risk management solutions worldwide. It has developed, through its multiple subsidiaries in more than 20 countries, numerous innovative products and services from official and customer information sources to facilitate best practices in credit risk management. Creditinfo has been shortlisted and awarded in several tenders supported by World Bank, IFC, Millennium Challenge Corporation and other international organizations. Creditinfo has headquarters in Reykjavik, Iceland, and it employs around 280 people worldwide.

About PRIDE Tanzania Limited

Promotion of Rural Initiative and Development Enterprises Limited (PRIDE Tanzania) is a micro finance institution involved in the provision of credit to small and micro entrepreneurs in Tanzania. It started its operations in January 1994 with its first branch and head office in Arusha. Currently, PRIDE Tanzania has a nationwide network of 71 branches located in all regions of Tanzania Mainland and Zanzibar. To date PRIDE has disbursed 1.7 million loans valued at Tshs 840.0 billion. Current menu of services offered by PRIDE include loans to groups, individuals and institutions, credit life assurance and exposure to markets.