To further ease and expand access to credit and promote financial inclusion, the Bank of Uganda, Uganda’s central bank, has licensed Armada Credit Bureau Limited as Uganda’s fourth credit bureau.
“This licensure reflects the regulatory authority’s recognition of Armada CRB’s commitment to maintaining the highest standards in the credit reporting industry, having fulfilled all of BoU’s stringent conditions for securing a CRB operating license,” the company said in a media statement.
“As a licensed credit bureau, Armada CRB is poised to contribute significantly to Uganda’s financial sector and facilitate informed decision-making for creditors across diverse industries,” the company added.
Armada CRB, according to its website, has its vision as: “being the leading and most trusted single source of reliable and actionable insights for individuals, businesses and non-corporate entities.”
“Our mission is to facilitate value creation and trust between creditors and their customers through the power of data and analytics,” the company says of its vision.
The company also said that it aimed to be a “pivotal player in enhancing the credit ecosystem of Uganda by offering a comprehensive suite of services to all categories of creditors.
“Whether working with financial institutions, micro-finance organisations or individual creditors, Armada CRB is committed to providing reliable and timely credit referencing services,” Armada CRB added.
The establishment of Armada CRB aligns with the broader national strategy to promote responsible lending and borrowing practices, thereby fostering a healthier and more sustainable financial environment.
Banks and nonbank credit-granting institutions are expected to leverage Armada CRB’s credit reporting systems to screen borrowers, monitor risk profiles, and enhance the efficiency of loan portfolios.
Credit bureaus play a significant role in promoting access to credit, discouraging excessive borrowing and rewarding responsible borrowing and repayment. In a competitive credit market, these efforts ultimately lead to lower interest rates, benefiting consumers and fostering a healthier financial environment.