BoG announces revocation of credit bureau licence of HudsonPrice Data Solutions Limited
Until the revocation of its licence, Hudsonprice Data Solutions Limited was the second licensed credit bureau in Ghana.
The Bank of Ghana (BoG) has announced the revocation of the credit bureau licence of HudsonPrice Data Solutions Limited.
In a notice on November 28, 2022, the BoG said the revocation of the Company’s credit bureau licence has become necessary due to the Company’s persistent non-compliance with the provisions of the Credit Reporting Act, 2007 (Act 726), the Credit Reporting Regulations, 2020 (L.I. 2394), and relevant Bank of Ghana directives.
“Pursuant to its powers under section 11 of the Credit Reporting Act 2007, (Act 726) the Bank of Ghana has with immediate effect, revoked the credit bureau licence of Hudsonprice Data solutions limited (the Company).
“Following a critical assessment of the activities of the Company, Bank of Ghana has come to the conclusion that the Company’s continuous existence poses a significant risk to the integrity, security and effectiveness of the credit reporting system, as well as the safety of borrowers’ credit information,” the statement said.
In addition, the Central Bank said it had taken possession of all credit data in the custody of the company.
“All banks, specialised deposit-taking institutions, non-bank financial institutions and the general public are to take note of the above and be guided accordingly.”
Until the revocation of its licence, HudsonPrice Data Solutions Limited was the second licensed credit bureau in Ghana, providing credit information and data management services within the financial sector.
With the revocation of its license, Ghana is now left with two credit reference bureaus namely XDS Data and Dun and Bradstreet.
