Egypt boosts rural credit access with iScore deal

Egypt’s Rural and Environmental Industries Support Fund signed a cooperation protocol with the Egyptian Credit Bureau (iScore) to facilitate the provision of credit information on clients applying for financial facilities from the fund.

The protocol establishes cooperation whereby iScore will provide credit reports on clients applying to the fund for financial facilities, based on their credit evaluations, according to a Cabinet statement on Wednesday.

This will help create credit files with essential data to evaluate credit risks, expand credit options, promote financial inclusion, encourage digital finance, and assist beneficiaries in establishing credit histories and identities.

The protocol aims to provide credit facilities to new beneficiaries in remote areas, such as youth and farmers, to help them finance their projects in line with Egypt’s financial inclusion strategy, sustainable development goals, and Vision 2030. It also aims to utilise iScore’s data analysis capabilities and extensive database.

As part of the agreement, iScore will provide technical support and training on how to use the system, including data inquiry and credit information reporting, while ensuring the protection of data and information.

This protocol is considered a step towards the fund’s professional restructuring efforts, enabling decision-makers to formulate policies based on comprehensive and updated credit data, as per the release.

The fund, a developmental arm of the Social Solidarity Ministry, aims to achieve economic inclusion and help families benefiting from social support programmes to exit poverty, particularly in rural areas and among small-scale farmers.

The fund is a legal entity working to raise the economic standard of Egyptian families in general and rural families in particular through multiple action pillars and support for households close to the poverty line.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama