NAIROBI, Kenya, Aug 31 – Veri-Credit has signed a Memorandum of Understanding (MOU) with Kenya National Chamber of Commerce to provided credit risk management solutions to its members.
The MOU will see KNCCI members with cash flow bottlenecks get information on non-performing credit.
The exclusive analytics platform, available on both web and mobile apps, provides valid and verifiable payment experiences enabling proactive credit risk information not available from any other source.
The Veri-Credit system follows a closed user group model that allows members to anonymously exchange DBT (Days Beyond Terms) credit payment performance information on the compliance of credit terms by their customers.
Such a credit information network enables Veri-Credit members to quickly distinguish slow-paying customers or defaulters from those that pay within credit terms whilst using Veri-Credit as a means to leverage repayment from defaulters.
Many businesses have accumulated credit balances owing to delayed payments from their corporate customers thus compounding their cash flow and profitability often resulting in employee layoffs to sustain sufficient cash flow to maintain minimum operations.
The domino effect of this is a substantial reduction in tax revenue derived from corporate and personal tax contributions.