Regulatory Alerts2014-01-01
Guidance Note 1 of 2014 – Utilization of the Credit Reporting System
The Bank of Zambia mandates all commercial and non-bank credit providers to actively utilize the Credit Reference Agency system by conducting borrower searches and submitting both positive and negative repayment data. Institutions must issue written default notifications within thirty days, treat negative reports as informational disclosures rather than automatic blacklists, and retain reported data for seven years post-settlement. Non-compliance with these credit data privacy and utilization directives constitutes an unsafe practice, subjecting institutions to supervisory actions under the Banking and Financial Services Act.
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