KARACHI, December 18 2024: The State Bank of Pakistan (SBP) has launched the new eCIB System (V2), an upgraded version of its Electronic Credit Information Bureau (eCIB). This system is scheduled to replace the existing eCIB system starting January 1, 2025. Developed to align with technological advancements and international reporting standards, the new system aims to improve the efficiency and accuracy of credit information reporting.
Key Features of eCIB System (V2):
- Enhanced Data Collection: The new system introduces updated data collection formats and validation rules, ensuring more comprehensive and accurate credit information.
- Improved Reporting Standards: By adopting international best practices, the eCIB System (V2) aims to provide a more robust framework for credit information reporting, benefiting both financial institutions and borrowers.
- Parallel Data Submission: During the transition period, financial institutions are required to submit December 2024 month-end data through both the old and new eCIB systems. The deadline for submission via the new system is January 10, 2025, and by January 15, 2025, for the old system.
Implications for Financial Institutions and Borrowers:
- For Financial Institutions: The upgraded system necessitates familiarization with new data formats and submission protocols. Institutions must ensure compliance with the updated requirements to avoid penalties and ensure the accuracy of credit information.
- For Borrowers: The enhanced system aims to provide more accurate and comprehensive credit reports, facilitating better access to credit and more informed lending decisions.
The launch of the eCIB System (V2) underscores SBP’s commitment to leveraging technology to strengthen Pakistan’s financial sector. This initiative is part of SBP’s broader vision to modernize the country’s financial infrastructure and promote economic growth.
