Wednesday, May 7, 2008

CompuScan arrives in Kampala, Uganda, to set up East Africa's first Regulated Credit Bureau

Compuscan has set up offices in Kampala to deliver on its tender award to build Uganda's first credit bureau.

In 2006 CompuScan were selected exclusively for three years by the Central Bank of Uganda to provide credit bureau, risk and identification services to the consumer, SMME and commercial needs of the regulated banking sector.

In addition to the credit bureau, CompuScan, will be responsible for delivering a biometric ID numbering system within the financial sector, and will be responsible for the collection of data from all of the Participating Institutions (including Banks, Micro Deposit Taking Institutions and credit associations) to build the credit bureau.

"The ID number is key to the success of the business", says Mike Malan, Managing Director for Compuscan in Uganda. There is no unique way of identifying a borrower in Uganda. He carries on to say that some checks and balances are in place, such as a photograph and a friend signing that they know you, but impersonation is very easily achieved. The two edged solution will deliver a credit bureau tapping into CompuScan's core strengths and secondly CompuScan will be responsible for delivering the countries first ID numbering system that will initially be ring-fenced for use within the financial sector.

Compuscan's in-house IT team is working with the biometric equipment supply company Sequiam to deliver the biometric ID smart card solution. Compuscan has developed the software that will generate an ID number for every borrower based on the individual's fingerprint. All institutions will have fingerprint and smart card scanners in their branches to identify borrowers.

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