Maldives Monetary Authority (MMA) has launched a system whereby individuals and companies can view their credit history. The system was launched by Minister of Economic Development Fayyaz Ismail, at a special ceremony held at Hotel Jen.
The service is provided under the central bank's Credit Information Bureau (CIB). Prior to the CIB being established at the central bank, credit history was revealed solely to other banks. However, via the CIB, any individual or company can now view their credit history online.
Addressing the function, Governor of MMA Ahmed Naseer said the service would in turn strengthen the financial sector of Maldives. He added the service would be an added convenience in efforts to promote small and medium scale enterprises.
The system has been established by MMA, as a joint project with Asian Development Bank (ADB), Islamic Development Bank (IDB) and local banks.