Jul 30 2012
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New drive to curb bounced checks menace
30 July 2012
The Saudi Credit Bureau (SIMAH) has initiated a Taqweem project aimed at providing accurate credit information on small and medium enterprises with a view to helping banking and financing institutions extend the required funds to these projects, says SIMAH CEO Nabil Al-Mubarak.
SIMAH has also simultaneously launched an awareness campaign on the dangers and risks associated with bouncing checks due to their negative effects on individuals or corporates, he says in an exclusive interview to Arab News.
"Accordingly, the total number of bounced checks fell during the first quarter of 2012 by 54 percent compared to the first quarter of 2011."
He said SIMAH had also launched several projects aimed at providing credit information, periodic updates and payment behaviors via SMS messages aimed at cultivating credit awareness among community members.
To read the interview, please click here
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