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The Finance Act, 2016 amended Section 31 of the Banking Act to bring on board (credit information sharing framework) saccos, cooperative societies, public utility companies and any other institution mandated to share credit information under any written law. In addition, the Finance Act, 2016 introduced a legal framework for cross-border credit information sharing.

In this regard, and pursuant to Section 57(1) of CBK Act, the CBK has formulated the draft Credit Reference Bureau Regulations, 2019 to among others, onboard saccos, provide a framework for cross-border sharing of credit information and enhance corporate governance of credit reference bureaus. CBK invites comments on the draft Regulations through the email address by Monday, June 17, 2019.

Read the Draft Regulations here…