The Jamaica Micro-financiers Association Limited (JaMFA), which was launched yesterday, has announced that they have invested in a searchable database for Jamaican borrowers, one that can be used by its members and others to keep track of clients and the collateral that they have used for loans.
It is hoped that the database will help members to detect and weed out borrowers who show up at different loan agencies using the same collateral for loans – which should help to arrest delinquencies, and may also have implications for lowering the price that micro-finance moneylenders put on credit. The new system will also be open for registration to individuals who wished to list themselves as clients in good standing with lending organisations – and thus increase / improve their access to credit.
Leave a Reply