National Reserve Bank of Tonga launches consultation on draft bill to establish a national credit register

The National Reserve Bank of Tonga published a draft National Credit Register Bill 2026 and invited feedback as it works with the Asian Development Bank’s Private Sector Development Initiative to establish a national credit register housed within the NRBT. The register would hold credit data for parties with a legitimate interest in another person’s creditworthiness, supporting lenders’ credit risk assessments and the NRBT’s oversight of financial institutions. The draft bill would place operational and administrative responsibility for the register with the NRBT, under oversight of the NRBT Board of Directors, including controls over data accuracy and access. Membership is intended to become mandatory for all NRBT-licensed lenders, starting with banks and larger non-bank lenders, and regulations could prescribe levies to cover registry administration costs. The bill defines the types of information to be collected, including identification details, credit applications, credit accounts (such as loan amounts and repayment history) and credit defaults (such as amounts in default and default status). Borrowers’ prior consent would be required before credit information is collected and shared, and access would be limited to members. The draft also includes confidentiality and consumer protection measures intended to prevent customer poaching, misinformation and lenders preying on vulnerable borrowers, alongside enforcement powers for non-compliance, including failures to report or verify information and reporting false or misleading information, with fees to be set by regulation. Written submissions are due by 15 May 2026.