CRIF strengthens its positioning in Jamaica by acquiring all shares in CRIF NM Credit Assure Ltd.
Kingston, Jamaica, March 10, 2017 – CRIF, a global company providing credit bureau, business information and credit solutions, has announced today the acquisition of the remaining shares in CRIF NM Credit Assure Ltd., a joint venture between CRIF and Massy based in Kingston.
CRIF NM Credit Assure was established in 2011 with the objective of providing a world-class credit bureau and related added-value services in Jamaica and the Caribbean. After obtaining the license in 2012 from the Ministry of Finance to operate a full file (positive and negative data) credit bureau in Jamaica, it began operations in September 2013, benefiting from the experience and commitment of both CRIF and Massy Technologies InfoCom Jamaica (MTIJ). MTIJ is part of the Massy Group, a world-class corporation operating across the Caribbean and Latin America.
In line with the local regulatory framework, the credit bureau gathers positive and negative credit information on individuals and businesses from eligible Jamaican lending institutions, such as banking and non-banking financial institutions, retailers, and credit unions. Specifically, lenders are able to access comprehensive, high-quality and updated credit reports on applicants to carry out accurate assessments and segment their portfolios, while borrowers can more easily prevent over-indebtedness and insolvency risk, and benefit from more favorable loan conditions.
The history of the collaboration between Massy and CRIF in Jamaica is one of success. Two international groups were able to come together and initiate a business venture that combines regional presence and experience with industry know-how and business vision. After years of fruitful collaboration and with an established market position, CRIF and Massy mutually agreed to focus on their own core businesses. As part of its renewed commitment to support the bureau to move to the next level in response to market needs, CRIF will allocate more resources to the region in the near future with plans to launch new services in the market. CRIF’s integrated and comprehensive credit solutions, already provided at a worldwide level, will enable financial institutions and lending organizations to efficiently manage every phase of client lifecycle, from strategic planning to the acquisition and management of the customer portfolio.
Thanks to 27 country-based operations, 58 subsidiary companies and 3,700 staff professionals, CRIF supports over 6,300 banks and financial institutions, 44,000 companies and 240,000 consumers internationally, offering dedicated credit solutions and an innovative combination of management consulting, predictive analytics and technology.
"Our team is enthusiastic and our commitment is very high. CRIF's increasing investments in technology and service improvement guarantee the necessary resources to reinforce our relationship with Jamaican financial institutions, providing them with a complete range of solutions to improve their credit risk management processes and optimize decision-making", said Terrence Cooper, Chief Executive Officer of the Credit Bureau.
Recognizing that CRIF would like to expand its business in Jamaica and in the region as a whole, Davide M. Meo, Sales & Direct Market Director of CRIF, added, "I would like to thank Massy Technologies InfoCom Jamaica and our successful cooperation during the last 6 years, because it has been fundamental in establishing CRIF NM as industry leader in the country. The very positive story with Massy Group means that we look forward to exploring other possibilities for cooperation in the region. Our goal is to continue to build trust and collaborate with Jamaican lenders and consumers. We will leverage CRIF’s synergies and core competences with an understanding of the local culture and unique market needs, through a dedicated professional team on the ground and capitalization on our best practices and international expertise. "