Regulatory Alerts2021-01-01
Submission of Updated Credit Data to Credit Reference Agency
The Bank of Zambia issued Circular 10 of 2021 requiring commercial banks and non-bank financial institutions to submit timely, accurate, and complete credit data to the Credit Reference Agency. The regulator highlighted that recent non-compliance by financial service providers has undermined the credit reporting system's efficiency. Consequently, institutions failing to meet these submission obligations will face penalties of up to two hundred thousand fee units under the 2020 Directives.
Share