Experian Awarded Best Credit Management Company
Africa Industry

Experian Awarded Best Credit Management Company

Uganda, 15 December 2021Experian Uganda (previously Compuscan CRB) is honoured to receive a Visionaries Award from the Government of the Republic of Uganda for the fourth time.

The Visionaries of Uganda Awards are aimed at recognising the top achievers in different sectors of the economy in both Government and Private Sectors, highlighting their services and impact on society.

Recipients are commended for their outstanding contribution towards Uganda Middle Income Status Aspiration and Vision 2040 as set out by the Government of the Republic of Uganda.

“We are extremely proud to receive this recognition. Our business is committed to powering opportunities that create a better tomorrow for our clients and consumers.

We aim to increase the visibility of Ugandan consumers to formal lenders, reduce the information gap between the consumer and lender, and positively impact consumer behaviour in the servicing of bank loans,” said Mark Mwanje, Managing Director, Experian Uganda, upon receipt of the award.

Experian, a global information services company, successfully acquired Compuscan CRB in 2019, Uganda’s first credit bureau which was established in 2006.

Locally, the company introduced first-ever solutions such as the Financial Card System, credit reports, and credit scoring to the country, which have had a significant impact on the country’s people, businesses, and economy.

“Experian’s global technology capabilities, software, depth of data, and analytics allows us to offer clients in Uganda and Africa a more extensive range of solutions.

The introduction of more advanced credit analytics, scoring and decisioning tools will allow our clients in Uganda to make better business decisions,” Mwanje added.

Covid-19’s impact on credit scoring

The Covid-19 pandemic has impacted many organisations and forced them to consider new ways of doing business. In response to a changing marketplace, organisations have turned to digital channels as an alternative way to deliver services to their customers.

To effectively deliver these services in a complex business environment, lenders in Uganda are increasingly using credit risk scoring models to predict the risk and behaviour of their customers.

Compuscore, the Experian bureau scorecard introduced in Uganda in 2015, coupled with auto-decisioning capabilities, has become a keystone in the transformation of the credit market from traditional lending methods to new digital/mobile channels for several Ugandan banks.

Compuscore produces a 3-digit score that positions each consumer’s credit behaviour and the probability of default. Lenders have used it in Uganda to assess the risk of new credit applicants and enable digitisation for those clients that have adopted and implemented mobile lending.

By leveraging local market insights, legacy Compuscan CRB solutions, and enhancing them with its services, Experian Uganda remains at the forefront of providing credit information services to drive financial inclusion and improve access to credit in Uganda.