The Botswana Non-Bank Financial Institutions Regulatory Authority (NBFIRA) issued a circular to non-bank lenders confirming the commencement of the Credit Information Act, 2021, which now governs the credit reporting system and the licensing and supervision of credit bureaus. The circular reminds in-scope lenders that they are legally required to submit consumer credit information to a licensed credit bureau. NBFIRA highlighted that the Act sets guidelines for the collection, processing and sharing of consumer credit data and is intended to ensure responsible handling of such information. It also noted that non-bank financial institutions regulated under the NBFIRA Act fall within the Act’s definition of “data providers”, and that Section 31(1) requires data providers to submit consumer information to a credit bureau in a prescribed form. The Bank of Botswana is identified as the licensing authority for credit bureaus, and firms are directed to confirm a bureau’s licensing status with the central bank and to comply with the Act and other relevant financial services laws.
Botswana Non-Bank Financial Institutions Regulatory Authority 2025-06-11
Botswana Non-Bank Financial Institutions Regulatory Authority announces commencement of the Credit Information Act and mandatory credit data reporting by non-bank lenders
The Botswana Non-Bank Financial Institutions Regulatory Authority (NBFIRA) announced the commencement of the Credit Information Act, 2021, governing credit reporting and the licensing of credit bureaus. Non-bank lenders are reminded of their legal obligation to submit consumer credit data to licensed credit bureaus. The Bank of Botswana is the licensing authority for credit bureaus, and firms must verify bureau licensing and comply with the Act.