The Central Bank of Solomon Islands (CBSI), in partnership with the International Finance Corporation (IFC), convened an informational and awareness workshop on Friday.
This was to brief stakeholders on the country’s updated credit reporting regulations and the transition toward a more inclusive financial data system.
Daniel Haridi, CBSI’s Chief Manager of Financial Systems Development and Payments said, the newly promulgated Credit Reporting Regulations 2025 replaced the 2016 framework and introduce a broader approach to credit data collection.
“These new CCRR regulations basically give you a new regulatory framework where you may not only look at negative reporting but also look at positive credit reporting,” Haridi said.
The revised framework expands the scope of data sources to include utility records and voter file information, aiming to build more comprehensive credit profiles and improve access to credit across the Solomon Islands.
“We would like to ensure that everyone is available for the Central Bank under this new regulatory framework,” Haridi said, emphasizing the importance of stakeholder compliance and public understanding.
The workshop outlined a nine-month transition period, effective from September 2021, during which the Central Bank will license credit information service providers.
The Credit Data Bureau (CDB) is currently under consideration, alongside other potential data service providers.
Sub-committees formed during the session will examine data elements, local representation, and the roles of credit data service providers.
An afternoon segment focused on consumer protection, data privacy, and the responsibilities of CDB and the Credit Providers and Service Registry (CPSR).
“Even if you don’t know the framework, the regulatory framework, you need to put in place. Everyone should know what the rules are for the time,” Haridi said.
The Central Bank’s initiative is part of a broader effort to modernize financial infrastructure and promote financial inclusion, particularly for under-served communities.
By ANDRIANAH DELASALET KOLE
Solomon Star, Honiara
