The Bank of Uganda has granted an operating license to Armada Credit Bureau (Armada CRB), marking it the fourth credit bureau in the country.
The other licensed credit bureaus are Compuscan, Metropole and GnuGrid CRB.
BoU Director of Communications Kenneth Egesa described the development as very positive for the industry
Armada Credit Bureau expressed joy over the licence in a statement, “This significant milestone marks the start of an exciting journey as we make our contribution to the growth and development of Uganda’s financial landscape.”
According to information on Armada’s website, the company says it has over four decades combined experience in credit bureau operations, commercial and retail banking and technology services to create your most reliable single source of actionable insight.
“We believe it is a new era for credit information reporting in Uganda,” it says.
A CRB is a company licensed by Bank of Uganda to collect and collate credit information on individuals and companies from various sources and disseminate that information in form of a credit report to authorized users.
Presently, financial institutions have the capability to extend credit to borrowers after consulting Credit Reference Bureau (CRB) reports. These reports provide crucial insights into the borrowers’ credit history, including their loan repayment records and any collateral associated with previous loans. This invaluable information aids lenders in accurately assessing their potential risk exposure when considering loan approvals.
