They launch a new application to reduce credit disputes

Dar es Salaam. To address the persistent loan repayment challenges faced by both lending institutions and their customers, a credit information company, CreditInfo, has introduced an app designed to address such issues.

The mobile application, called ‘FinView’, is designed to foster seamless communication between lenders and borrowers, thereby establishing a friendly framework for individuals to manage their outstanding debts based on their unique circumstances while maintaining access to lines of credit.

Launching the application on Thursday, May 2, 2024, CreditInfo CEO Edwin Urasa said that the application is versatile and easy to use.

He said it not only allows customers to pay overdue loans, but also allows users to directly dispute inaccurate credit reports.

“If you are owed Sh100,000 only to discover that the credit value has increased to Sh200,000 after downloading the app, then there is a mechanism to end the dispute. You will have the opportunity to challenge your information,” he said. saying.

“When the challenge is filed, the lender will be contacted directly. Therefore, it will simplify disputing your credit reports quickly and conveniently,” he said.

Additionally, he said the technology allows customers burdened by overdue loans to conveniently settle their debts via mobile phones, scheduling payment at their convenience.

By scaling up the technology, Urasa said it also helps lenders access overdue loan payments.

FINCA Microfinance Bank Head of Recovery and Call Center Ahadi Buge highlighted the importance of technology in enabling customers to track their debt accurately and effectively manage their financial obligations.

“Through these innovations, it is easy for customers to know their debt while paying and obtaining other loans. Therefore, the innovations developed for banks will be a good way to reduce and resolve conflicts,” Buge said.

National Bank of Commerce (NBC) loan recovery and collection department representative Johnson Kakiziba highlighted the importance of digitizing loan information.

“The system helps store information digitally and allows anyone to access it at any time. The measure will significantly help people investigating an individual or an institution,” she explained.