The Financial Services Institute, the “training arm of the Financial Supervisory Authority” in coordination with the Egyptian Banking Institute and the Egyptian Credit Bureau, is launching a series of seminars on “Digital Credit Rating”, in cooperation with the German Agency for International Cooperation (GIZ).
These seminars aim to enhance knowledge of the credit rating service and its role in assisting financial institutions (banking and non-banking) and enabling them to make quick credit decisions based on data with high confidence and environmental standards in sustainability.
Hisham Ramadan, Assistant Chairman of the Authority and Executive Director of the Financial Services Institute, explained that the series of seminars is professionally designed to suit workers in multiple financing activities in the non-bank financial sector, noting that this training, which will take place through the Frankfurt School of Finance and Management – remotely via the international information network. – Starting in mid-October and depends on a series of meetings dealing with examples of a number of case studies.
Ramadan said that this training is carried out through a training program that includes 8 research units that are studied in 23 interactive sessions, the duration of each session is 120 minutes. not only for the rating but also for their abilities gained through training in seeing customers properly according to accurate and complete data.
Ramadan noted that the implementation of this series of seminars on digital credit rating comes within the framework of implementing the ninth axis of the authority’s comprehensive strategy 2018-2022, which is related to improving risk management and early warning against crises, by raising the efficiency of workers in non-traditional financing activities (such as real estate financing and financial leasing). , microfinance, and consumer finance) with various risks in order to make a decision to grant credit based on sound scientific grounds.
He stressed that the authority shows great interest in developing the capabilities of workers in non-bank financial activities, which allows access to unconventional financing, following the continuous successes achieved by microfinance activity in a short period since the issuance of the law regulating the activity at the end of 2014, when the volume of balances granted to the beneficiaries of financing reached Microfinance increased by more than 19 billion pounds in 2020, compared to only 7 billion pounds in 2017, an increase of more than two and a half times.
This is in addition to the good results of non-bank financial activities during the last four years, including what we have witnessed in the increase in the volume of financing granted by real estate finance companies by more than twice, to reach 3.4 billion pounds in 2020, up from 1.5 billion pounds in 2017, and with regard to financial leasing, it has increased A remarkable increase, as the value of contracts doubled during the period to reach EGP 59 billion in 2020 compared to EGP 29 billion in 2017.
The article The Financial Services Institute launches a series of seminars on digital credit rating that was written in Al Borsa newspaper.