BENEFIT and CRIF Launch SME Credit Scoring Framework
BENEFIT and CRIF have partnered to develop a new credit scoring model for small and medium-sized enterprises (SMEs). The model aims to provide more accurate risk assessments and improve access to financing for businesses.
BENEFIT, a Bahrain-based fintech firm, and CRIF, a global credit information provider, have announced a collaboration to develop and launch a new credit scoring model specifically for small and medium-sized enterprises (SMEs). This initiative seeks to provide more accurate and transparent credit risk assessments, ultimately facilitating and accelerating SMEs' access to necessary financing for growth.
The project aligns with the Bahraini government's commitment to supporting the SME sector by enhancing financial accessibility and competitiveness. The newly developed scoring model by BENEFIT is expected to be a key mechanism in achieving these economic objectives.
"This partnership marks a significant step in strengthening Bahrain’s financial ecosystem," said Latifa Al Mutawa, Assistant General Manager for Bahrain Credit Reference Bureau at BENEFIT. "By leveraging credit and alternative data, the new model will enable more data-driven decision-making, helping financial institutions assess risk with greater accuracy and consistency while supporting SMEs in accessing the financing they need to grow."
CRIF's contribution involves integrating its global credit bureau expertise and data analytics capabilities with local market insights. The aim is to enable financial institutions to make faster, more informed lending decisions, improve risk management, and confidently expand their SME portfolios. The project is also expected to streamline onboarding processes and support the digital transformation of SME financing.