The General Assembly of the Egyptian Company for Credit Information (iScore) approved the company’s business results for the year 2021, which showed a growth in the company’s profits by 46%, reaching EGP 215m, compared to 2020’s EGP 147m.
The general assembly also approved the company’s Board of Directors’ decision to distribute EGP 50m in dividends to shareholders in addition to distributing free shares worth EGP 100m.
According to a statement by iScore, these results are the culmination of continuous efforts to develop its services portfolio by innovating new products that meet the needs of the financial and banking sectors as per the state’s orientation towards sustainable development.
The company’s strategic plan was based on modernising its infrastructure and launching new integrated digital services and products that reflect the initiatives and policies of the Central Bank of Egypt and contribute to the development of the SME sector.
Among these products are the Field Investigation Academy, the Agricultural Credit Evaluation and Risk Assessment System (ACERs), and the Digital Behavioural Assessment System.
In light of the partnership and cooperation with the Financial Regulatory Authority, iScore manages and operates the Egyptian ECR, and the total advertisements registered by the end of March 2022 amounted to 111,680 with a total value equivalent to EGP 1.146 trillion, while the number of entities participating in the registry’s services reached 97 credit providers.
In the same context, the iScore database recorded 21.6m individual credit customers and 529,000 medium and small companies by the end of March 2022.
Furthermore, the number of subscribers to the company’s services from banks and credit donors increased to 973 subscribers, banks, companies, and microfinance associations.