Opening up of Credit Reference Bureaus– Driving Record Demand for Credit Histories
Good news: non-banks steering CRB demand. The recent surge in demand for borrowers’ credit histories, reported in a Monitor article by Dorothy Nakaweesi (published January 21, 2026),
underscores the transformative impact of the Bank of Uganda’s (BoU) decision to open Credit Reference Bureaus (CRBs) to non-BoU regulated entities, including SACCOs, non-deposit-taking microfinance institutions (MFIs) and other accredited credit givers.
SACCOs and MFIs have emerged as the biggest users of CRB services, accounting for 41.4% of all credit reports requested. This reflects a broader shift in Uganda’s credit market, expanding credit reporting beyond the BoU-regulated lenders.
Numbers and implications: The article states that credit-related enquiries rose by 28.4%, from 653,400 to 838,700 in one year, while the average number of registered borrowers across the three licensed CRBs surged from 2.9 million to 4.1 million.
The number of Accredited Credit Providers contributing data grew dramatically in the one year, encompassing SACCOs, credit-only MFIs, digital lenders, and money lenders.
This rapid growth directly aligns with BoU’s progressive reforms to catalyze financial inclusion, in part by broadening CRB participation. By accrediting these entities, they can access borrower histories and contribute positive and negative data, greatly enhancing overall credit risk assessments. Lower-level lenders verify histories and detect multiple borrowing, thus reducing both the time and cost of borrower appraisals. For them, this marks vital clear transition from traditional relationship-based lending to data-driven decisions, where access to even small loans increasingly depends on documented credit behavior rather than trust or social ties alone.
Our gratitude: We applaud BoU for this timely and impactful step. By expanding CRB participation, BoU tackles long-standing barriers to comprehensive credit profiling, fostering deeper financial inclusion, stronger credit cultures, and broader economic growth. This demonstrates a clear commitment to adapting enabling regulation to Uganda’s evolving financial sector.
This milestone validates the foresight of the Uganda Bankers’ Association (UBA), which with support from FSDU commissioned a major Regulatory Reforms Study in 2021/22. The 18-month project, led by FRIENDS Consult Limited (FCL) in partnership with Ortus Advocates Africa, delivered more than 110 recommendations across 11 thematic areas, recommendation number 5.1 being “Allow other lenders/ creditors to access the CRB, to expand sources of data from all credit givers (including unregulated lenders and utility providers) and thus increase usage”. We’re delighted BoU has pursued this path, with tangible results.
Our commitment: FRIENDS Consult Ltd remains actively committed to its role of providing technical assistance in advancing Uganda’s financial inclusion – collaborating with Government, regulators, associations, and institutions to build an enabling, innovative, sound, and inclusive environment to support national development and a prosperous future for all Ugandans.
By Dr. Keren Obara
Projects Officer, Marketing and Innovations. FRIENDS Consult Ltd.