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Middle East Credit Group Tackles Strategy for Industry
DUBAI - Members of the Middle East Credit Reporting Association, or MECRA, convened at the Association’s inaugural meeting on Saturday in Dubai to review its strategy of promoting the credit reporting industry in the region, supporting the development of credit bureaus through the exchange of knowledge, and to discuss best practices in order to establish industry standards for this region.
The meeting, organised by Emcredit, was attended by all the founding members of MECRA along with two new members — Egypt’s i-Score and Morocco’s Experian.
Established in November last year, MECRA aims to create awareness and promote the credit reporting industry in the region. The association will explore initiatives for the exchange of credit information on individuals and commercial entities between its members within the guidelines of each bureau, as well as the local laws and regulations of each country.
Furthermore, it serves as a platform to share knowledge on credit bureau operations and data sharing best practices.
“The dynamic nature of the region’s resident population and interconnected business environment calls for greater cooperation between regional credit bureaus,” said Emcredit Managing Director Ali Ibrahim.
“We are extremely pleased to have recently joined MECRA; an association we know will shape credit and borrowing trends in the Middle East and North Africa (MENA) region,” said i-Score Managing Director Mohammad Refaat
Experian Managing Director Jamal Raha also shared his thoughts on his first MECRA meeting, saying, “The demand for fast and accurate information to support decision making is growing rapidly in financial markets around the world, and Morocco is no exception.”
“The first official meeting of the members of MECRA was extremely fruitful, as members examined recent trends, challenges and opportunities for the association’s role in boosting regional credit information services, where credit bureaus will support the regional economic growth,” said Credit Chex Executive Director Nabil Mowais.
Robin Watson, Head of the Credit Bureau operated by The Benefit Company hoped the establishment of the Association will encourage other countries to speed up the start up of their bureaus.
Membership to MECRA is open to all public and private entities in the region that are involved in the collection and distribution of credit information. The association offers full membership as well as associate membership.
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