Regulatory Alerts2021-01-01
Bank of Zambia Circular No. 10/2021 on Submission of Updated Credit Data to Credit Reference Agency
The Bank of Zambia has directed all commercial banks and non-bank financial institutions to submit timely, accurate, and complete credit data to Credit Reference Agencies. Citing inconsistent compliance that undermines the credit reporting system, the regulator will now levy penalties of up to 200,000 fee units on financial service providers that fail to meet this obligation. Institutions must therefore strictly adhere to the 2020 Directives to ensure system stability and avoid financial sanctions.
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