Building Trust in Business Transactions

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Web HostingNew Web Hosting Pioneer Emerges, Offering Affordable Hosting Solutions Coupled with…Operating a business today is almost impossible without the insights and understanding provided by data. Data enables informed decision- making, problem solving, deeper business and customers insights, and enhances operational efficiency and agility.

If organisations only use their own data for lending decisions, they can quickly become isolated. This is where credit bureaus ensure fairness and inclusion by creating an enabling environment for trusted data-sharing between providers to create a more comprehensive view of the market. Consider for example, the story of a small-scale trader who starts by selling vegetables at a local market. By considering alternative data, this trader’s economic activities, such as mobile transactions, utilities services and municipal payments, can be captured and analysed to create a credit profile. Armed with this information, the trader can access formal credit facilities to expand their business, ultimately becoming part of the formal economy and being able to grow.

For instance, a practice referred to as loan stacking has gained significant momentum. This is where bad players come onto the books of credit providers by applying for smaller loans from multiple lenders with no intention of repaying them. Loan stacking has become a challenge for many service providers.

 

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