I-Score, Egypt’s credit bureau, and software firm Fico, have announced that several of the country’s top banks will soon be using the vendor’s cloud-based credit origination service for corporate clients and consumers as it continues its rollout.
Credit Agricole Egypt, Arab African International Bank and Blom Bank Egypt are among the lenders who will use the service to make decisions on requests for credit.
Launched last year, the credit origination service is based on a multi-tenant installation of Fico’s Blaze Advisor business rules management system, hosted by I-Score. The service includes credit risk analytics developed by Fico, and offers lenders the ability to rapidly deploy preconfigured strategies that comply with Egyptian regulations, and change their lending criteria to match their risk appetite and market demands. It should lead to quicker decisions for Egyptian businesses and people looking for funding.
As a hosted solution, the credit origination service enables member banks of any size to access Fico’s analytics and decisioning capabilities. Each lender’s data and decision logic is kept absolutely secure.
“The use of credit is growing rapidly in Egypt,” said Mr Mohamed Refaat El Houshi, managing director of I-Score. “This provides many opportunities for banks and credit grantors to increase their customer base, grow credit portfolios and generate more profit. It is vitally important that credit be granted appropriately and managed effectively. Fico’s analytics and software, deployed on our infrastructure, will help banks across the country make faster credit decisions while controlling risk.”
The I-Score Egyptian Credit Bureau is a database of credit information covering small-to-medium sized enterprises (SMEs) and consumers in the country. Authorised users (I-Score members) will be entitled to access the database to carry out creditworthiness checks, allied to Fico’s analytics. I-Score holds more than 95% of credit data on individuals and SMEs from commercial banks in Egypt.