Nottingham, UK, 13 February 2008 - The Moroccan Central Bank, Bank Al-Maghrib, has signed a 25 year agreement with Experian®, the global information services company, to upgrade and run its Credit Bureau facilities in Morocco.
The agreement was signed during a press conference in Rabat on 11 February by Mr. Abdellatif Jouahri, Governor of the Central Bank, and Mr. Luciano Manzo, President of Experian Morocco and Senior Vice President of Experian.
Mr. Jouahri said that the Credit Bureau is a crucial step for the future of Morocco’s banking system: “The Credit Bureau is a first in the region. It will help Morocco maintain its substantial lead in the credit industry and will contribute significantly to the development of credit, especially in the SME segment. The Credit Bureau will provide credit institutions with objective, reliable and pertinent data to assist them in the underwriting process.”
Mr Manzo stressed the importance of Morocco in the international development strategy of Experian: “This operation fits our strategic expansion objectives in the region. We have a clear focus in the region and we wish to strengthen our position in supplying risk management services to the banking and telecoms sectors. Experian is one of the world’s largest and most successful providers of credit bureau services, operating credit bureaux in 15 markets around the world, including in highly developed areas such as the UK and USA.”
Beyond the Credit Bureau, it is Experian’s intention to provide solutions and software from its other lines of business.
Mr Manzo continued: The demand for fast, accurate information in decision making is growing rapidly in financial markets around the world, and Morocco is no exception. Financial institutions need to base their decisions on relevant information, so automated and sophisticated credit information retrieval systems are key to managing credit risk. The predictive power of decision making systems is enhanced by the sharing of credit information via credit bureaux, resulting in better risk management, and plays a critical role in countries’ economic growth.”
The Credit Bureau will be developed and managed by Experian Morocco through EXP Services Maroc, a newly created subsidiary. The operation will use best practice software, solutions, added value products and Credit Bureau scores from Experian to enhance credit vetting procedures in the country and, as a result help banks and other finance institutions control risk in a fast growing credit market.
Some of the most important financial institutions in Morocco have taken stakes in Experian Morocco, including Attijari Wafa bank, BMCE, BMCI, SGBM and CNIA, a leading insurance company. Other important banking institutions are expected to follow suit.
The Credit Bureau is expected to launch operations on 1 January 2009.
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