Data Submission to the Credit Reference Databank September 2013

Yours Faithfully
BANK OF TANZANIA

DIRECTORATE OF BANKING SUPERVISION
The above notwithstanding, this circular letter serves to inform you that from
December 1, 2013 non-submission of data or submission of incorrect data to
the Databank shall attract penalty charges as provided under Section 32 of
the Banking & Financial Institutions Act, 2006.
It is worth noting that inaccurate data not only exposes banks to compliance
risk and potential claims for damages from borrowers, but also render the
whole system of information sharing meaningless. You are therefore required
to make sure that all data/information submitted to the Databank is correct
and up-to-date with immediate effect.
Review of the data submitted to the Databank has revealed some
weaknesses related to data quality. The major flaw is the use of default values
on mandatory fields such as IDs, birth dates, telephone numbers, etc.
Weaknesses are also noted on contract data especially past due amount
and past due days.
) Reference is made to the captioned subject.
Bank of Tanzania (Credit Reference Databank) Regulations 2012, requires
every banking institution to submit credit information on monthly basis for all
existing and new credit facilities to the Credit Reference Databank.
RE: DATA SUBMISSION TO THE CREDIT REFERENCE DATABANK
All Banking Institutions.
271h September, 2013
{~uhmibu}
Ref.No. FC.170/208/01
Anuani ya Simu "BENKUU"
BANK OF TANZANIA
P.O.BOX 2939
DARES SALAAM
TANZANIA
Phone: +255 22 2234494/8
+255 22 2234497/2235577
Facimile: +255 22 2234194
CABLE "BENKUU"
BENKI KUU YA TANZANIA
S.L.P. 2939
DAR ES SALAAM
TANZANIA
Simu ya mdomo: +255 22 2234494/5
+255 22 2234497/2235577