Memorandum of Understanding (MoU) Signing for a New Era of Credit Information Market Collaboration in Uganda

February 1, 2024, Kampala, Uganda: The Credit Reference Bureau Association (CRBA) and Financial Sector Deepening (FSD) Uganda will today sign a Memorandum of Understanding (MoU), which formalises the intent between the institutions to collaboratively implement strategic initiatives to develop an inclusive, efficient, and well-functioning credit information market in Uganda.

The collaboration follows the issuance of the Financial Institutions (Credit Reference Bureau) Regulations in 2005 (later revised in 2022) that introduced the use and exchange of credit information among different lenders, and set industry standards for credit information reporting sharing and usage. With this background, the Association seeks among other matters to support the credit information reporting mechanism and structures; provide financial, credit referencing operations, and data protection education for, Credit Reference Bureaus (CRBs), borrowers and lenders, and develop measures to protect against the risks of borrowing and CRB operations.

The CRB industry in Uganda is relatively young and thus faces several challenges, including data quality and privacy concerns, credit reporting duplication, and the need for increased consumer awareness. Nonetheless, the industry, and the Association in particular, has a vital role in facilitating access to affordable credit for individuals and businesses in Uganda.

“The new CRB regulations have opened the credit information reporting and referencing space, enabling other lenders to join the credit information reporting mechanism. The value that the Credit Reference Bureaus Association brings is in creating a single body and voice through which diverse stakeholders can collaboratively design standards and structures that allow efficient exchange and usage of information in the credit reporting regime,” explains Barbra Among Arinda, the Executive Director of CRBA.

The MoU between the CRBA and FSD Uganda outlines three key areas of cooperation:

    1. Collaboration, stakeholder engagements, exchange of information, and sharing of best practices, all in pursuit of mutual objectives.
    2. Facilitating the development of a robust credit information-sharing market and sound credit reporting frameworks.
    3. Strengthening shared credit market infrastructure and risk management.

“Financial Sector Deepening Uganda recognises the significant role credit reporting plays in enabling access to affordable credit to individuals and MSMEs. As such, we are excited to support the CRBA’s efforts to implement initiatives that create an enabling regulatory environment for efficient and robust credit information sharing. The MoU signifies a mutual commitment to fostering innovation, sharing resources, and addressing common challenges in the credit information industry,’’ says Patrick Oketa, Executive Director, FSD Uganda.

Note to the editor

About CRBA

The Credit Reference Bureau Association (CRBA) is a company limited by guarantee registered in 2021. The CRBA represents the interests of credit reference bureaus in Uganda in policy and regulatory matters relating to their core business. It aims to create a framework for standards and policies that protect consumer credit information in Uganda, promote the effective management of credit data in Uganda through information and financial education, uphold the nature and quality of information recorded, stored and reported and support the sustainability of the credit industry. Currently, the CRBA has three members: Metropol, CreditInfo and gnuGrid.

About FSD Uganda

Financial Sector Deepening (FSD) Uganda is the country’s leading ‘think and do tank’ on financial inclusion and inclusive financial market development. FSD Uganda is an independent not-for-profit company committed to promoting greater access to financial services. FSD Uganda seeks to develop a more inclusive financial sector with a focus on low-income individuals. We support innovation, conduct research, and support regulatory processes that shape the financial sector. The organisation is funded by the Bill & Melinda Gates Foundation, the European Union, and the Mastercard Foundation.

For more information, please contact:

Barbra Among Arinda, Executive Director, CRBA via or +256 782684258

Brenda Banura, Communication Lead, FSD Uganda via or +256 704818607


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