Tanzania marks new milestone in credit ratings

TANZANIA: CREDITINFO Tanzania and Investment Information and Credit Rating Agency (ICRA) Rating Agency have partnered to provide credit rating services to Tanzania institutions giving them a competitive edge in the international markets.

Credit ratings are essential for lenders, borrowing companies, and entities considering investments in equity shares or bonds of borrowing firms.

Lenders rely on credit ratings to evaluate a company’s creditworthiness and make informed decisions regarding loan approvals or denials.

The ICRA Rating Agency General Manager, Zeeshan Khan said in a statement that with the agreement, credit evaluation solutions are going to be available, creating new standards and opportunities for the financial industry.

“It is a new milestone as we introduce ICRA Rating Agency as the first credit rating agency locally based in Tanzania and fully geared towards uplifting the economy, by providing credit rating services that are African-centred,” he said.

“We believe that credit rating will provide ample opportunities and also offer a competitive edge to various institutions, most especially the Tanzanian institutions in the International Market.

“We further believe by this tremendous partnership with Creditinfo, we shall provide an added value to the market, especially in the provision of rating services that are geared towards the Tanzanian institutions,” he said.

The Bank of Tanzania (BoT) has authorised the ICRA Rating Agency as the first Credit Rating agency in the country.

Furthermore, ICRA is given the special name of ECAI (External Credit Assessment Institution) and Creditinfo Tanzania is designated as the first licenced and operational Credit Reference Bureau in Tanzania.

Creditinfo Tanzania Chief Executive Officer Mr Edwin Urassa, said they were incredibly proud of Creditinfo partnership with ICRA.

“Not only does it mark an important milestone for us but it allows us to elevate the standards of credit assessment,” he said.

He said Tanzania is an optimal market for CreditInfo to introduce this service because of its promise for inclusive financial services.

This partnership will set a new standard in Credit Ratings and promote financial health and empowerment across Tanzania.

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