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First credit reference bureau in Ghana launched

Page last updated at Saturday, June 6, 2009 8:08 AM // 4 Comments

The first credit reference bureau in Ghana and West Africa, XDS Data Ghana Limited, has begun operations with an official launch in Ghana.

A credit bureau is a repository of credit information, a neutral entity that collates consumer credit information by soliciting creditors such as banks and other lending institutions to contribute and share their credit information on consumers.

George Ahiafor, Chief Executive, XDS Data, in an interview disclosed to B&FT that obtaining credit in most developing countries is a frustrating process that usually leads to wrong credit decision ­making.

Banks are therefore unwilling to extend credit without assurances that borrowers are creditworthy and that it will be possible for them to pay back, he explained.

The government signed into law the Credit Reporting Act, 2007 (Act 726) on April 13, 2007 to facilitate the activities of reference bureaux.

This law paved the way for licencing the first credit referencing bureau in the country. The Act facilitates smooth credit information-sharing among credit data providers.

Currently, XDS Data deals with all banks, non-banks and other retail companies operating in the country.

XDS Data Ghana is a privately-owned company with XDS South Africa, Databank Financial Services Ghana, and Debenture Trust Company Limited Ghana as shareholders. Its range of products and services are an integral component of economic reforms and restructuring the financial sectors in the world’s emerging economies.

XDS Data’s focuses are in the Banking, Retail, Insurance, Micro-lenders, and Telecommunication among others. Its partner, XDS South Africa, have been involved in credit bureau, fraud, authentication, and credit-risk projects throughout the world – with extensive experience in the African Market, notably South Africa.

Source: B&FT

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Comments

4 Comments

  1. Vincent Kwasi Antwi says:
    February 27, 2010 at 1:59 pm

    I am currently carrying out a project work for GIMPA MBA on “Credit Reference Agency in Ghana. I would be very grateful if you could sent the contact details of XDS Data Ghana Limited for further information. Thank you.

  2. Sidney Quenneville says:
    March 18, 2010 at 12:18 am

    I was wondering if you could do a check up on this company because they said I got hired but I want to know if its legit or if this is some kind of scam that’s been put up.
    Thanks.
    Sidney

  3. ADDAI -BRONI GRACE says:
    August 12, 2010 at 12:45 pm

    It’s good that the first credit reference agency have been launched, it’s been my dream and passion that such agency exist in my motherland for easy asses of the credit worthiness of consumers in the financial market. good work done to all who contributed to making this a success.

    Broni (Christian Service University)

  4. EMMANUEL YAMOAH says:
    September 1, 2010 at 10:12 am

    I am a final yr student of Valley View University carrying my project on XDS DATA GHANA LTD.Kindly send me info. and the website to research more.

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