IFC Pushes to Help SMEs Strengthen Critical Credit Reporting Systems. Late last year, Visa International and the International Finance Corporation (IFC) announced an agreement to support the IFC’s Global Credit Bureau Programme, which helps develop credit bureaux in developing economies.
Speaking at the time of the announcement, Assaad Jabre, IFC’s acting executive vice president, said: “Private credit bureaux are an important tool for the growth of private sector enterprises in developing countries. Yet a large number of IFC member countries still have no, or inadequate, credit bureaux.
“The IFC’s Global Credit Bureau Programme aims to meet this need by introducing international best practice in credit reporting, corporate governance, and risk management.”
Christopher Rodrigues, president and CEO of Visa International, added that electronic payments attract capital and consumers to the banking system, bring greater transparency to financial transactions and reduce underground economies: “When coupled with the judicious use of credit, electronic payment systems can play a critical role in helping small businesses grow. The development of strong credit bureaux is vital to that process,” he said.