PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

606650

Primary Business Area

Financial Institutions Group

Disclosure Date

Nov 14, 2023

Country

South Africa

Region

Africa

IFC Approval Date

Aug 7, 2023

Status

Active

Estimated Total Budget

$1,100,000.00
(Project budget includes all project-funded activities)

Last Updated Date

Nov 22, 2023

Project Estimated Start Date

Oct 1, 2023

Project Estimated End Date

Dec 31, 2027

Project Description

The goal of this project is to support the South Africa National Credit Regulator (NCR) and key stakeholders to strengthen and expand credit information sharing in South Africa by supporting the development of commercial Credit Reporting for Micro, Small & Medium Enterprises/businesses by private credit bureaus and support for piloting, testing and promoting commercial Reporting for MSMEs, particularly underserved youth, women, and township enterprises with a view to increasing access to finance for these MSMEs and individuals. Improved availability of credit information should help lenders to make better informed decisions and improve risk management practices for underserved MSME segments. This project will also support the staff of the NCR to deploy a Section 69 NCA Register (Credit Registry) and to adopt RegTech/ SupTech that will enable financial institutions to streamline compliance processes through translation of complex regulations into application program interface (API) codes thus promoting efficient regulation and supervision. The project will conduct a Pilot with the National Credit Regulator of South Africa on implementing a Sup Tech solution.

Development Results

E&S Risks / Impacts and Mitigation