Digital transformation.. Egypt’s digital platform provides the credit report inquiry service
Digital transformation.. Egypt’s digital platform provides the credit report inquiry service
ComesEgypt Digital PlatformIn light of what the world is witnessing ofthe accelerating digital transformationas part of efforts to achieve the Sustainable Development Goals (SDGs); Because of its significant role in improving the efficiency of services provided to citizens, and facilitating their access to basic financial services.
From this angle,Egypt Digital Platform has become an advanced model for integrating technology with digital governance, and an essential part of the state’s strategy towardsDigital transformation, and an image of achieving the axes of the national agenda “Egypt Vision” 2030″.
TheEgypt Digital Platform is expanding in providing multiple electronic services, including, for example, commercial registry documentation services, social insurance, electricity, real estate registration, civil status, comprehensive health insurance, Egyptian Post, and courts.
As part of this continuous expansion, the Ministry of Communications and Information Technology launched a new service that allows citizens to inquire about the “I-Score” credit report. What is the iScore service, and how does the Egyptian citizen benefit from it? This is what we will answer you about in the following lines: So keep reading.
What is iScore service?
Recently, Egyptians’ interest in the iScore service, or the credit report inquiry service, has intensified, especially with the increased reliance on digitization and electronic services in daily transactions, especially with banks. Therefore, the new service forms part of public financial awareness.
This electronic service – the credit report inquiry service – provides detailed data related to the borrower’s credit facilities, such as the number and types of loans, the extent of his commitment to paying the installments on time, in addition to the balances of each credit facility.
The credit report or iScore also includes information about days of delay, late amounts, and any other data recognized by the banks and lending companies participating in the database. This is within the framework of supporting improved access to financial services in an affordable and safe manner.
Service Controls and Data Protection
The electronic system for inquiring about the credit report is based on a set of regulating conditions, which aim to protect sensitive information and limit any possible misuse, while providing precise verification steps before enabling the citizen to obtain his report.
Among the most prominent of these conditions:
- It is prohibited to circulate, share, republish, or distribute the content of the credit report or the data contained therein to any party, whether internal or external; That is, the report is limited to self-review.
- The data is updated according to the information acknowledged by the credit granting bodies, in accordance with the instructions of the regulatory authorities.
- The inquiring citizen can print the report, and he can also inquire about it again within 15 days from the date of the first request.
Does I-Score enhance bank financing?
This immediate and secure access to credit report data represents an essential step for consciously managing citizens’ financial obligations. It helps monitor the credit record and correct any errors or delays in payment that may weaken the citizen’s future chances of obtaining financing or banking facilities.
The importance of the report extends to enhancing citizens’ confidence in banks and lenders. The higher the credit rating, the greater the chances of bank negotiation. In order to obtain better banking conditions, such as longer repayment periods and larger financing amounts.
Financial inclusion and social justice
What highlights the importance of the new electronic service is that inquiring about the credit report was previously a process characterized by administrative complexity and consuming a lot of time and effort. Inquiring about the credit report required a personal visit to the bank, then submitting a paper application, or sending an official application via registered mail, all of which took weeks.
Hence, the new digital service works as a financial inclusion initiative, by enabling more individuals to monitor their credit records and work to improve their banking classification to obtain financing and banking facilities.
The service thus contributes significantly to stimulating economic activity and establishing a more transparent and fair financial environment. In line with the eighth goal of the Sustainable Development Goals (SDGs): Decent Work and Economic Growth, whose targets and indicators seek to enhance the ability of financial institutions to encourage equitable access to banking, insurance, and financial services for all, while expanding their scope electronically.
From the above, it is clear to us that the digital inquiry service for credit reports – iScore – is an important shift in facilitating electronic banking services and expanding their scope among citizens. Thus, enhancing ease of access to financial services within the framework of a broader trend adopted by the state to supportdigital transformationand financial inclusion in accordance with “Egypt Vision 2030”.
In light of thisdigital transformationthat Egypt is leading through the Ministry of Communications, the digital inquiry service for the credit report represents a broad step towards building a more efficient and fair system. The process of making iScore data available – viaEgypt Digital Platform – redefines the relationship between the citizen and the financial sector in a sustainable manner.
HereThe Earth Guards Foundationindicates that the credit report inquiry service embodies a broader trend towards establishing a sustainable knowledge-based economy that enables individuals to make informed financial decisions. This enhances the concept of financial inclusion, whose social and economic impacts will extend to future generations.
