The project was constituted in 2011 with initial impetus from National Treasury and the dti, however over time the lack of financial resources halted its progression. The founding agreement for this project was signed by 13 of the 15 Founding Members on 17 November 2014. This project will serve as a blueprint for the other SADC countries which form part of the SADC-CRA Project.
During 2017, various Founding Members confirmed their ongoing financial commitment and grant funding was received from FinMark Trust. The data submission specification development has been completed for the banking, agricultural and the telecommunication industries. Currently we are busy with the development of the validation rules for these specifications.
The data submissions specifications for additional sectors will be developed as the project progresses. The data transmission requirements for the Data Transmission Hub (DTH) will be enhanced to receive member files containing business credit and risk information as it currently does for files containing data relating to consumers.
A three-year period will be needed to achieve the project’s objectives, should sufficient resources and financing be secured from interested parties. A funding model for long-term sustainability is being developed as part of the project to support the operational aspects of this initiative on an ongoing basis. SACRRA Members, potential members, donors, the dti and National Treasury will all be lobbied for funding and participation.
The project’s agreed operating principles are:
The project will cover credit and risk data of all commercial entities, but focus on small, medium and micro enterprises (SMMEs)
The project falls within the SACRRA Member mandate and operations for the SACRRA Office.
Any registered credit bureau that can meet the required funding, data format, quality requirements, operating standards and provide the required reporting to and support of the SACRRA Office and its members may participate in the project.
Interested credit/data providers and other stakeholders, e.g. loan management system providers, may be included should they make their abilities and willingness to contribute and participate apparent.
It is anticipated that credit and risk information reported on commercial entities would need to be capped for purposes of the project. This may need to be reconsidered as the project progresses.
All Founding Members have agreed to the principle of reciprocity within the data formats and standards to be determined for the various sectors.
Agreement so far is that a data format suitable for banking data would be developed first with other data formats that may be required being developed simultaneously in order not to prejudice any sector willing to participate.
Any credit bureaus that participate and already hold historical business credit and risk data are not compelled to supply that data to other credit bureaus. Any negotiations in this regard will be confined to those parties directly involved and will not form part of the BusCRI project.
Data hosts to take responsibility and bring their own clients on board.
“Ideas are easy. Implementation is hard.”
~ Guy Kawasaki
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