CBO signs deal with Creditinfo to establish credit and financial information bureau

he Central Bank of Oman and Creditinfo entered into  an agreement to set up a full-fledged independent credit and financial information bureau called Oman Credit Bureau. In the event held at the CBO Head Office, H.E Tahir bin Salim Al Amri, Executive President of the Central Bank of Oman, signed the agreement on behalf of the Central Bank of Oman, while Mr. Stefano Stoppani, Chief Executive Officer of Creditinfo Group, signed on behalf of Creditinfo Group. According to the terms of the agreement, Creditinfo Group will be 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’s 2019-2021 strategy”, said His Excellency Tahir bin Salim Al Amri, Executive President of the Central Bank of Oman. “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”, H.E. 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 in  three phases of 12 months each; phase1 is planned to be launched by the end of this year,” said, Mr. Aadil Khalifa AlSaadi, the project manager & Manger Banking Credit & Statistical Data Department.