CBO, Creditinfo Group Sign Agreement for Establishment of Oman Credit Bureau

Muscat, The Central Bank of Oman (CBO) and Creditinfo signed an agreement at CBO Head Office as part of the development of a full-fledged independent credit and financial information bureau called Oman Credit Bureau.

Tahir bin Salim al-Amri, Executive President of the CBO, signed the agreement on behalf of the CBO while Stefano Stoppani, Chief Executive Officer of Creditinfo Group, signed the agreement on behalf of Creditinfo Group.

According to the terms of the agreement, Creditinfo Group is responsible for providing the hardware equipment, the software, consultancy services, and substantive support for the Bureau.

The signing of this agreement to establish the Bureau is part of Central Bank of Oman 2019-2021 strategy, said Tahir bin Salim al-Amri, CBO Executive President.

The project is part of The National Program for Enhancing Economic Diversification (Tanfeedh) in coordination with the Implementation Support and Follow-up Unit (ISFU). The Bureau once launched will serve as an integrated national credit and financial information centre in the Sultanate, which inevitably will help improve the Sultanate’s ranking in the sub-index of the Overall Country Ease of Doing Business Ranking issued by World Bank, al-Amri noted.

Central Bank of Oman has finalized the draft of the legal framework for the Bureau which will regulate its functions, and expand its scope of services in line with the best International Standards. The project will be delivered over three phases of 12 months each; phase1 is planned to be launched by the end of this year, said Aadil bin Khalifa al-Sa’adi, Project Manager, Manger of Banking Credit and Statistical Data Department.

Source: Oman News Agency

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