Lenders and borrowers in Solomon Islands now have the service of the countries first credit bureau which was launched yesterday in Honiara.
The World Bank's International Finance Corporation says the bureau brings greater transparency and efficiency to the lending market and follows similar moves in Fiji and Papua New Guinea.
IFC's Solomon Islands representative, Seva Payevskiy, says the rise of new technologies has extended the reach of financial services in the economy which brings with it the need for sound data.
" It makes the access to credit more affordable by reducing the banks and other financial institutions transaction costs and due diligence. And for the borrowers it creates the credit history. And at the end of the day can make the access to credit more affordable for him."
The IFC's Solomon Islands representative, Seva Payevskiy
The Credit and Data Bureau of Solomon Islands will initially focus on better information sharing among banks and then include other creditors, including utility companies and retailers.