Credit registry enquiries rise 60pc: RBZ
THE Reserve Bank of Zimbabwe (RBZ) says enquiries on the Credit Registry rose by 60 percent to 1,3 million as at June 30, 2021 driven by improved credit reference environment.
By the same time last year enquiries on the Credit Registry were 813 298 and to date the platform is proving to be more useful in improving the credit risk environment.
“The enhanced credit referencing environment has improved credit risk management in the sector by providing timeous and reliable credit information,” said RBZ Governor, Dr John Mangudya.
“The Credit Registry recorded a significant increase in enquiries from 813 298 as at 30 June 2020 to 1,318 million as at 30 June 2021.”
In his recent 2021 mid-term monetary policy, Dr Mangudya said the Credit Registry held over 1,45 million records, of which 524 342 were active loan accounts. Individual records represented 98 percent of the active loan records in the Credit Registry.
“Registered subscribers currently accessing the Credit Registry were 209 as at 30 June 2021,” he said.
“With respect to operationalising the Collateral Registry, the bank has commenced working on the system prototype together with BSystems Limited of Ghana, following a successful tender process.”
The definition of business specifications that guides the vendor in the implementation process have been completed, said the Governor.
Turning to financial inclusion indicators, Dr Mangudya said, access and usage of financial services and products continued on an upward trajectory with the increased adoption of digital platforms. This is on the back of high mobile penetration rate in the country.
He said the number of active mobile money subscribers increased from 5,2 million to 6,4 million during the period under review, underpinned by the Central Bank’s efforts to promote electronic payments and a cash-lite society.
“The value of loans availed to MSMEs, women and the youth by banks and deposittaking micro-finance institutions increased from ZW$3,01 billion, ZW$3,28 billion and ZW$1,94 billion as at 31 December 2020, to ZW$3,96 billion, ZW$5,03 billion and ZW$2,71 billion as at 31 March 2021, respectively,” said Dr Mangudya. — chronicle.co.zw
