In 2013, Parliament amended the Banking Act and Micro-Finance Act to establish a nationwide consumer credit reporting system. The law basically established credit reference bureaus to collect and assemble a business or individual consumer’s credit information for use by lenders, insurance companies, employers, and other entities in making decisions affecting a consumer’s eligibility for credit, employment and other purposes.
To further the growth of an economy’s credit market, credit reporting was needed because an efficient functioning credit reporting promotes consumer access to credit and efficiency of the national banking and consumer credit systems.
