Regulatory Alerts2008-01-01
Bank of Zambia Directive on Credit Data Provision and Credit Reference Services Utilization (2008)
The Bank of Zambia mandates all licensed financial service providers to utilize credit reference agencies before granting credit and to submit corresponding credit data for all post-implementation loans. This directive, effective immediately under the Banking and Financial Services Act, applies to banks, financial institutions, and licensed financial businesses. Failure to comply is classified as an unsafe and unsound practice that may trigger supervisory action by the central bank.
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