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Microfinance credit information bureau inaugurated

Published : Monday, 12 February, 2024 at 12:00 AM  Count : 154

Microfinance Credit Information Bureau (MF-CIB) implemented by Microcredit Regulatory Authority (MRA) with technical support of Bangladesh Bank was inaugurated at the auditorium of International Mother Language Institute recently.

The bureau will be helpful for screening loan worthiness of microcredit customers. A MoU has been signed alongside between MRA and NID authority as implementation of MF-CIB will enable proper selection of customers, borrowers, verifying their creditworthiness and history of customers.
The Governor of Bangladesh Bank (BB) Abdur Rouf Talukder was present as chief guest and inaugurated the event. Sheikh Mohammad Salim Ullah, secretary of the Financial Institutions Division was present as special guest.

MRAs Executive Vice Chairman Md Fasiullah presided over the event. Officials of Ministry of Finance, Bangladesh Bank, Bangladesh Election Commission, PKSF, senior officials of public and private banks, chief executives and officers of microcredit institutions, networking agencies of microcredit sector were among other present on the occasion.

BB Abdur Rouf Talukder speaking on the occasion emphasized the need of MRA,  poverty alleviation and broadening the scope of financial inclusion and such other steps will be considered as a milestone in the growth of the countrys macro economy. He said financial discipline will be established through this organization and the concerned people will get the benefits.

Sheikh Mohammad Salim Ullah, secretary of the Financial Institutions Division of the Ministry of Finance, in his speech as a special guest, said, "As a result of the implementation of MF-CIB, MRA as a regulatory authority took a step forward in building Smart Bangladesh through technological excellence.

"In this era of Fourth Industrial Revolution and IT excellence, it is important for microfinance institutions to go for automation and digitise their services and operations to suit the needs of the people.

In this case, MF-CIB can be one of the best customer screening and selection channels, he said. Executive Director of Microcredit Regulatory Authority Muhammad Majedul Haque said if transparency in financial inclusion is ensured through digitisation in financial sector, government services to people will be swift.

Over the past decade, MRA has sought to establish technology-based, acceptable Credit Information Bureau (CIB) for microfinance sector based on the needs of the microfinance sector. This will be achieved through opening of this institution. 

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