CRIB developing scorecard for SME and marginalised sectors
The Credit Information Bureau (CRIB), the nation’s primary credit information authority, is on the road to revolutionising lending for small and medium sectors and empowering the national economy.
“We are involved in developing a national Small and Medium Enterprise (SME) based scorecard to support the SME sector when seeking credit,” Pushpike Jayasundera, Director / GM, Credit Information Bureau of
Sri Lanka (CRIB) said making a presentation on ‘Powering Growth Through Strong Credit Infrastructure’ at the Ignite Conference organised by Advocata Institute on Wednesday. He said that the scorecard is being developed in conjunction with the Ministry of Finance and a few professional bodies.
Mr. Jayasundera on the sidelines of this conference, told the Sunday Times Business that the traditional credit scores applied to those persons and firms who have a financial profile and was given preference when taking credit, but little has been done in the marginalised sectors in terms of capturing data to facilitate credit.
“In this regard, we are trying to capture data that these sectors are familiar with. These are non-traditional data such as utility payments, telcos and insurance. With such a move, they will be encouraged to take facilities from the financial sector where the bank or the finance company will use these as collateral.”
The CRIB will also be launching an online mobile application to enhance public reach for people manage their credit profile. CRIB with Lanka Rating Agency (LRA) will launch a blended Credit rating scorecard for SME corporates. The credit score will be based on income data. “It will be a commercial rating system using credit income data along with the LRA,” Mr. Jayasundera added.
The CRIB will also introduce the Secure Transaction Registry, which was enabled through the Secure Transaction Act passed last year. “We will be introducing it next month. With this, one can borrow money by keeping immovable property such as machinery, inventory, crops, farm products, and intellectual property,” he explained.
He also added that gold loans and pawning advances are in the process of being updated by the CRIB.
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