• Creditinfo licensed to operate credit bureau across six CEMAC countries

• Bureau to collect borrower data, expand regional credit information coverage

• Move aims to improve access to finance, reduce lending risks

Creditinfo Group has secured a license to operate as a Credit Information Bureau (BIC) in the Central African Economic and Monetary Community (CEMAC), following a decision by the Bank of Central African States (BEAC), expanding the group’s footprint in Africa.

The decision, signed by BEAC Governor Yvon Sana Bangui, authorizes Creditinfo Central Africa (CICA), based in Douala, to collect, centralize, and disseminate data on borrowers’ repayment records, covering both individuals and businesses, across CEMAC’s six member states.

Credit information bureaus aim to reduce information asymmetry between lenders and borrowers by facilitating credit risk assessments for financial institutions. They are a key tool for improving access to financing, particularly for businesses and individuals with limited payment histories.

The monetary authorities said that Creditinfo Central Africa has committed, under the terms of its license, to opening branches in the other CEMAC member states, namely the Central African Republic, Congo, Gabon, Equatorial Guinea, and Chad, by no later than December 31, 2028. By the same deadline, the operator must also reach coverage of at least 60% of institutions under the supervision of the Central African Banking Commission (COBAC).

The database will draw not only on information from banks and financial institutions, but will also eventually include data from major providers of essential services such as electricity and water utilities, telecommunications operators, and other businesses with large customer bases, resulting in broader credit profiles.

Creditinfo, headquartered in London, has operated in West Africa since 2016 and is active in the West African Economic and Monetary Union (WAEMU). In the region, its databases are used by banks and microfinance institutions for solvency analysis and risk management. The group maintains operational offices in 33 countries.

Its expansion into Central Africa comes amid a scarcity of credit information that has long contributed to higher financing costs in the region. According to World Bank and International Finance Corporation data, before the emergence of private credit bureaus in WAEMU, adult population coverage by public credit registries ranged from less than 1% to about 10% across countries.

While challenges remain, the World Bank says that the establishment of a private credit information system in WAEMU has helped improve access to credit, supported better allocation of financing, and enabled more accurate risk pricing, particularly for SMEs and individuals previously excluded from the banking system.

In 2023, more than 90% of reporting institutions in WAEMU shared their data through the credit information system operated by Creditinfo. The corresponding database expanded from 30,000 clients in 2016 to more than 15.1 million by the end of 2023, according to the 2023 annual report of the Central Bank of West African States (BCEAO).

Fiacre E. Kakpo