Banky Foiben'i Madagasikara (BFM) and CRIF Group have today announced the launch of the first Credit Information Bureau in Madagascar during a workshop held at Hotel Colbert in the presence of the Governor of Banky Foiben'i Madagasikara (BFM), the Country Managers of the International Finance Corporation (IFC), and the World Bank in Madagascar.

2019 marked the third consecutive record-breaking year for new company start-ups according to business and credit risk finance analyst CRIF Vision-net.

Since 2008, Frankfurt Main Finance has been the financial center initiative for Frankfurt, the leading financial center in Germany and the Eurozone.

CRIF became a majority shareholder in Inventia back in March 2019 and, with the acquisition of the entire block of shares, it ensures the continuity of its strategy to strengthen its innovative solutions for digital onboarding on the market, guaranteeing an increasingly fast and satisfactory customer experience to the clients of credit institutions, insurance companies, utilities and telcos.

The Central Bank of The Bahamas has recently issued a license to CRIF, allowing it establish the first private credit bureau in the country. As a result, Bahamian commercial banks, credit unions and other eligible lenders will be required to share credit information with CRIF and allowed to access credit reports once the credit bureau will be operational.

The establishment of a credit bureau will help develop the local credit market, allowing SMEs and consumers to move to a more advanced market based on credit references.