CreditScan Partners with Compuscan Direct to Launch a Credit Bureau in Nigeria

Aug. 14, 2009 - PRLog -- Compuscan Direct, a leading credit bureau solutions provider in Africa, has agreed to partner with CreditScan Nigeria by providing superior information technology that will form the backbone of its service infrastructure. This technology will give CreditScan’s customers/clients access to innovative credit management tools and software products to deal with the obstacles involved in making risk decisions within the credit industry.

CreditScan will tailor these products and services to the unique requirements and needs of their customers/clients, ensuring easy deployment and management in order to make credit decisions with confidence and control.

Subsequently, CreditScan will become one of the first private credit bureaux operating in Nigeria which will provide credit reports to banks, microfinance institutions and retailers which will in turn extend consumer and SME credit in the country.

The most up-to-date version of the Compuscan Credit Bureau solution will be deployed by CreditScan. This solution includes a state of the art credit bureau platform based on the latest technology which will provide both positive and negative credit account information on borrowers, plus information on previous credit applications.

Once installed, CreditScan will also be able to provide an advanced offering to its subscribers due to the integration with Compuscan’s other value added products. These value added products include a credit bureau score (Compuscore), a credit application processing system (Xcellerator), a credit decision matrix (Codix) and a bureau rules engine (BRE).

Mr. Roberto Giannantoni, MD of Compuscan Direct commented on their new partnership with CreditScan by stating the following: “This initiative fits our strategic objectives perfectly since we are currently expanding Compuscan Direct to countries around the globe and providing technology and consulting services to many other credit bureau initiatives. CreditScan has an excellent and highly experienced team including both local and international experts and we believe it has a unique position to succeed with the support of Compuscan. We are very enthusiastic about this project and we have been very successful in the past in selecting and identifying quality partners to achieve the required goals.”

He further expressed his confidence in SIAO, a firm providing professional consulting and advisory services in auditing, finance, information technology and tax in Nigeria, which provided positive commentary regarding the credit bureau project.

Mr. Ladi Smith, a Partner at SIAO, provided the following positive comments:

”The new credit bureau services will encourage lending and commitment to loan repayments. The economy will develop positively overall and it will ensure institutional and business growth. People and organisations will be able to get access to much needed loans to fund their plans and objectives.”

He continued by adding the following: “The credit reporting business requires the acquisition of reliable information on borrowers which must be accumulated over time. A great deal of research has been conducted in relation to the set up of the credit bureau, especially with regards to the tools that need to be deployed in order to meet the required goals and objectives.

Partnering with a “home grown” African solutions provider like Compuscan offers many benefits. The software solution was carefully selected to meet the requirements of operating a credit bureau in the Nigerian economy. Compuscan’s software was developed to serve the African and the global market, and has been proven successful in several countries in the African region. Its efficacy and reliability has been proven in several African countries with similar economies to that of Nigeria and we believe that with the provision of this advanced platform, information sharing and lending will be easy.

The leader of the credit reporting and reference industry will no longer be in doubt with the emergence of CreditScan and its international management team in the Nigerian economy. CreditScan will have a number of the very best tried and tested hands running its affairs. The products CreditScan will offer promises to be of tremendous value to entrepreneurs, business professionals, small businesses, individuals, corporate organisations, government and other institutions. This is a cutting edge product far superior to anything in the marketplace.”

About Compuscan:

Since its establishment in 1994, Compuscan has emerged as the first truly home-grown African Credit Bureau, committed to being a total credit management solutions provider for developing markets. Its credit management solutions, risk information and technologies turn strategy into action and elevate business performance by giving customers the power to automate more decisions, improve the quality of their decisions, and connect decisions across their business.

Compuscan has a proven track record and years of experience in the credit industry, while they are also a recognized market leader in developing markets. Over the years they have developed their expertise by working closely with their customers to refine systems and processes in order to develop purpose driven credit management solutions and decision-making systems.

About Compuscan Direct:

Compuscan Direct is the partner of choice for Central Banks, Banking Associations and Entrepreneurial groups that wish to develop Credit Bureau initiatives in emerging markets.

Using advanced technology they have developed a scalable, portable and resilient credit bureau platform that they are now able to use as a standard platform to ensure a rapid start-up of a credit bureau business in any new market. In addition, they offer a set of complementary value added products and an exceptional consultancy service to their partners, sharing the management know-how and diverse operational experience they have gained across the diverse lending markets of Africa.

This press release can be downloaded from http://www.compuscan.co.za

Should you have any further questions or if you require any further press information, please contact: Roberto Giannantoni, Compuscan Direct at e.mail: roberto@compuscan.co.za or
Tel: +2721 888 6000.

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Since Compuscan's establishment in 1994, it has emerged as the first truly home-grown African Credit Bureau, committed to being a total credit management solutions provider for emerging markets.