Information gaps widen lending risks, credit bureau warns

Incomplete profiles: Batswana owe commercial banks more than P38 billion PIC: MORERI SEJAKGOMO
Incomplete profiles: Batswana owe commercial banks more than P38 billion PIC: MORERI SEJAKGOMO

The failure by the country's financial institutions to share information means incomplete profiles of borrowers are being generated, leading to higher risks and costs for lenders, a leading credit bureau says.

TransUnion, the main credit bureau in Botswana, has warned that the use of data to make credit decisions in Botswana is fairly underdeveloped in comparison to other African countries.

“Data sharing should be broadened to not only include data from lenders, but also insurance, telecommunications, retail and any other entities that provide goods and services to consumers so as to obtain a more comprehensive view of a consumer’s financial commitments,” TransUnion Africa acting country manager, Kabelo Ramaselwana told BusinessWeek.

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