Kingston, Jamaica, March 21, 2014
– IFC, a member of the World Bank Group, this week co-sponsored a two-day
workshop on credit bureau supervision hosted by the Bank of Jamaica. With
support from Canada’s Foreign Affairs, Trade and Development (DFATD),
the workshop provided representatives from Caribbean central banks with
guidance on supervision and oversight of credit reporting systems. This
event was the fifth in a series of Caribbean credit reporting events organized
by IFC and its counterparts in the Caribbean to deepen market awareness
of credit reporting systems and identify best practices that can be implemented
across the region.
“This workshop will help Caribbean central
banks balance the objective of protecting the consumer’s credit information
with the objective of sharing information for timely decision-making in
the credit market,” said Brian Wynter, Governor of the Bank
of Jamaica. “In so doing, the workshop will equip participants
with enhanced knowledge of this important area, and unlock the power of
shared experiences as we design, implement, and embed high quality credit
reporting regimes within the financial systems of the Caribbean.”
Credit bureaus play an essential role
in the financial infrastructure of emerging markets. They allow financial
institutions and other creditors to share credit information and better
manage lending risks, thereby increasing access to finance for underserved
individuals and micro, small, and medium businesses.
In the wake of the 2008 financial crisis,
there has been a strong focus on reforming credit reporting systems and
an increased appreciation of the role that credit reporting systems play
in improving risk management and in prudent regulation. In countries as
diverse as Ghana, Cambodia, Jordan, and Tajikistan, supervisory bodies
are implementing new licensing procedures while increasing the formalization
of regulatory oversight of credit reporting service providers.
“IFC’s Caribbean Credit Bureau Program
plays a vital role in increasing financial inclusion in the region by supporting
the development of comprehensive credit reporting systems,” said Rajeev
Gopal, IFC Country Representative in Jamaica. “Supervision of credit reporting
systems is an essential function that ensures the reliability, integrity
and effectiveness of the systems.”
IFC helped the Bank of Guyana draft
credit reporting legislation and regulations and provided guidance in the
selection of a competitive vendor for the market. The Bahamas, Belize,
Haiti, the Organization of Eastern Caribbean States (OECS), and Suriname
are also developing credit reporting legislation with support from IFC
and the World Bank.
About IFC
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in more than 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and promote shared prosperity. In FY13, our investments climbed
to an all-time high of nearly $25 billion, leveraging the power of the
private sector to create jobs and tackle the world’s most pressing development
challenges. For more information, visit www.ifc.org.
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