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Press Release - 6th March 2020

Vinod Patel Takes The Lead In Credit Reporting

The Credit Information Reporting   Agency Pte   Limted   (CIRA) is happy to announce   thatVinod Patel & Company Pte Limited  (VPCL) through its Consumer Finance operations, isthe first  company in Fiji to load its credit information with CIRA.   VPCL was also the firstcompany to register with the Reserve Bank of Fiji (RBF) under the Fair Reporting of CreditAct 2016 as a Credit Information Provider and Credit Information Recipient.

The  credit   information   uploading   exercise   has   been  possible  following   a   comprehensivebriefing   with   relevant   executives   and   a   training   program   conducted   for   staff,   by   CIRA. Uploading of the first credit information records was completed over two days.

The Chairperson  of  CIRA, Mr Winston  Penjueli in making the annoucement stated,  “Wewelcome Vinod Patel.  We are delighted to have them on board and we’re looking forward toworking closely with their staff as they familiarise themselves with the WIN system in a liveenvironment.  We are confident that they will find CIRA’s services very useful.”

The CEO of VPCL, Mr Rahul Amin said that the idea of credit information sharing through CIRA was welcomed by the Directors and Executives of the company, as it provides the rightbalance between  the company’s Enterprise Risk Management priorities, business growthand customer satisfaction.  Mr Amin added that, “these priorities clash at times but having aplatform such as CIRA allows us to appropriately manage such cases.  We undertand thereservations that companies may have and we would gladly share our experience with theaim of increasing CIRA membership.”

Mr Amin acknowledged  the  great effort, enthusiasm and  commitment by the  Company’sConsumer Finance Team, ably led by their General Manager, Mr Vikram Jain.  “Vikram hasbeen   a   pivotal   part   of   this   process;   asking   the   right   questions   particularly   from   a   riskmanagement perspective.”

Mr Amin added that VPCL is confident that the sharing/accessing of credit information willenhance   the   ease   of   doing   business,   financial   inclusion   and   reduce   the   risk   premiumcharged given the current information asymmetry in the market.

“For VPCL, we recognise that this is a win-win initative for the private sector and consumers,and this benefit is optimised with more membership.”

VPCL   is   also   exploring   the   avenue   of   live   sharing   which   will   further   enhance   theirmembership with CIRA and be of great benefit to their customers as information on CIRA willbe updated simultaneously when they make a payment at any of Vinod Patel’s 11 Home & Living branches.

The spokesperson  for  CIRA, Chief  Operating Officer Mr  Terence Elaisa shared   that the CIRA team is working with lenders who have completed the registration process with the RBF. Currently, there are seven organisations who have completed registration and theylooked forward to more organisations joining.

CIRA’s   services   are   not   limited   to   banks   and   consumer   finance   companies.     Anyorganisation   which   provides   services   and   uses   billing   credit   payment   terms   may   alsoconsider using CIRA’s services.

Organisations   interested   in   using   CIRA’s   services   need   to   first   contact   the   RBF   andcomplete   the   required   registration   process   confirming   if   they   will   be   credit   informationproviders and/or credit report recipients. This will determine their membership type with CIRA.

For individuals who may wish to check their own credit reports, they may do so by contacting CIRA directly. Individuals will need to pass an identification check before a search may beconducted.

CIRA is confident its services will positively impact Fiji’s ease of doing business reforms andin the long term, effectively support economic and financial stability.

For further information, contact the Chief Operating Officer, Mr Terence Elaisa on ph: 3300377 Shortcode: 9888, email: terence@cira.com.fj

About CIRA

The Credit  Information Reporting  Agency (CIRA)  [pronounced  key’ra]  was established in2018 after having obtained a licence to operate a credit information reporting agency from the Reserve Bank of Fiji.  CIRA is 100% locally owned with a local board.

CIRA’s key function is the collection of credit information or data pertaining to a person or acompany,   association   or   body   of   persons,   corporate   or   unincorporated,  from   creditinformation   providers,   its   compilation   and   provision   of   this   same   information   via   creditreports.   CIRA is operating in a regulated environment governed by the Fair Reporting of Credit Act 2016 and its  accompanying  Fair Reporting of Credit Regulations  2016,  which means positive outcomes for all, in terms of responsibility and accountability of the accuracyand timeliness of information.

After completing extensive research on the key stakeholders of the credit environment andtheir   needs   and   objectives,   CIRA   designed   and   developed   a   dynamic   data   platform application called “WIN”.

CIRA currently has six staff and is located at 8 Des Vouex Road in Suva.

For more information contact:

The Chief Operations Officer
Mr Terence Elaisa
Credit Information Reporting Agency PTE Limited
P O Box 18300
Suva, Fiji Islands

Mobile: 865 1964
Office: 330 0377
Office: 9888 (Vodafone & Inkk only)

 

 
CIRA Pte Limited
8 Desvoeux Road,
Suva.
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