BoG revokes license of credit reference bureau, HudsonPrice

The Bank of Ghana (BoG) has revoked the credit the license of a credit reference bureau firm, HudsonPrice Data Solutions over persistent non-compliance with the requirements of the Credit Reporting Act 2007.

The Bank of Ghana has therefore instructed financial sector players to desist from submitting data on the credit history of their clients to HudsonPrice Data Solution effective November 21, 2022.

In a letter to banks, Specialized Deposit-Taking Institutions and Non-Bank Financial Institutions, the BoG asked all subscribers of HudsonPrice Service to engage the services of other credit bureaus to remain compliant with Act 726 not later than December 10, 2022.

With the revocation of Hudson Price’s license, the country now has two credit reference bureaus licensed by the Bank of Ghana namely XDS Data and Dun and Bradstreet.

The BoG however noted that commercial banks must take note of the directive and comply accordingly.

Meanwhile, XDS Data was the first credit reference bureau to be licensed by the Bank of Ghana as it was expected to help reduce the cost of credit in the country.

The aim was also to help expose debtors who apply to different financial institutions for loans after non-payment or default of loans from other financial institutions.

HudsonPrice Data Solutions on the other hand was licensed as the second credit reference bureau in Ghana and started operations in 2011.

Watch the latest episode of BizTech below:





SSD/MA