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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