On 17th April 2025, the Microcredit Regulatory Authority (MRA) organized a significant event at their office to sign an agreement on the Credit Information Bureau (CIB). Representing CREED, our Executive Secretary, Md. Sulaiman Khan, signed the CIB agreement on behalf of CREED with the MRA. This collaboration marks a pivotal step toward enhancing transparency and efficiency in the microfinance sector.
Benefits of CIB for CREED
The integration of the Credit Information Bureau (CIB) into CREED offers significant advantages, including improved credit assessment through access to comprehensive credit histories, which enables informed lending decisions and reduces the risk of over-indebtedness. By sharing borrower data, CREED enhances transparency, fostering trust within the financial ecosystem, while also reducing loan default rates through better insights into borrowers’ creditworthiness. Additionally, CIB streamlines operations by centralizing data, saving time and effort in credit evaluations, and supports financial inclusion by helping CREED identify and serve underserved populations effectively, all while managing risks to promote sustainable microfinance practices. These advancements contribute to better financial management and client services, credit assessment, enhancement, transparency, reduction in default risk, efficient operations, and supportive financial inclusion.
This partnership with MRA and the adoption of CIB services underscore CREED’s commitment to sustainable microfinance practices. We look forward to leveraging this collaboration to empower more communities and drive economic growth.