THE Dubai-based International Credit Rating Agency (ICRA) has made strategic moves to solidify its footprint in Tanzania, showcasing its commitment to growth and collaboration by signing Memorandums of Understanding (MOUs) with four prominent financial institutions in the country.

ICRA's official statement, unveiled in Dar es Salaam yesterday, revealed the esteemed partners with whom they have forged alliances for growth and progress in Tanzania. 

These include Credit Info Tanzania, Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA), Tanzania Association of Microfinance Institutions (TAMFI), and Tanzania Institute of Bankers (TIOB).

On the other hand, the firm highlighted its significant achievements in Africa, emphasizing its commitment to fostering economic growth and stability in the region.

“As a leading credit rating agency in Tanzania and the East African region, ICRA is proud to announce its accreditation as the first credit rating agency approved by the Bank of Tanzania (BoT),” the statement reads in part.

This prestigious recognition establishes ICRA as the only central bank-approved credit rating agency in the region.

The statement further reveals that ICRA has been designated as an External Credit Assessment Institution (ECAI), solidifying its esteemed status in the industry.

The agency is steadfast in its dedication to upholding excellence as it extends its reach and makes substantial contributions to Africa's financial sector.

Furthermore, ICRA underscored the pivotal importance of credit rating as a transformative tool that can empower and propel banks, corporations, and microfinance institutions towards unprecedented levels of success and growth.

It was noted that by conducting a thorough assessment of the borrowing company's creditworthiness and carefully evaluating associated risks, funders and investors are equipped to make well-informed decisions.

The said process not only assures lenders of the safety of their investment and timely repayment with interest but also fosters transparency and accountability in financial transactions.

For borrowers with a favorable credit rating, they are considered low-risk clients, resulting in a streamlined and efficient loan application process.

Moreover, a higher credit rating can result in a lower interest rate on the loan, resulting in substantial savings throughout the loan term.

Credit ratings are essential in encouraging businesses and individuals to maintain a positive credit history and achieve their financial goals.

The agency has been delivering outstanding credit rating services to banks, financial institutions, and corporations.

With increasing interest from international investors of ICRA from the Netherlands, Mauritius, South Africa, Switzerland, and France, ICRA emphasizes diverse investment and funding opportunities.