Today, the Bank of Uganda Non-Bank Financial Institutions Department held a workshop for accredited credit providers (ACPs) on regulatory compliance in Uganda’s credit information sharing system.
The workshop attracted over 150 participants from the Credit Reference Bureau Association (CRBA), credit reference bureaus, and accredited credit providers across the country. In his opening remarks, the Ag. Executive Director of Supervision and Regulation, Mr. Mackay Aomu, emphasised that the inclusion of ACPs in the credit information sharing network has contributed to a significant rise in credit information activity.
The credit reference system now holds records for 5,001,648 individuals and non-individuals, of whom 3,617,605 have active credit accounts. He also noted that credit information sharing is a fundamental link to financial inclusion. It is a system that has been proven in other jurisdictions to strengthen risk-based lending and lower the cost of credit.
And beyond reducing non‑performing loans, it promotes a culture of repayment discipline and financial responsibility among borrowers, which can lead to improved credit scores and greater access to financial products.
The BOU team made presentations on credit information sharing as a tool for responsible lending, ensuring regulatory compliance obligations for ACPs, and sustaining ACP accreditation – from process to practice.
