November 28, 2022

BoG Revokes Licence Of HudsonPrice Data Solutions Limited

The Bank of Ghana (BoG) has revoked the credit bureau licence of HudsonPrice Data Solutions Limited.

The central Bank announced this in a statement on Monday.

The revocation follows the company’s “persistent non-compliance” with the provisions of the Credit Reporting Act, 2007 (Act 726) and other relevant directives of the BoG.

According to the Bank, the existence of the company poses a “significant threat”.

“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 Central bank has on that note 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”, BOG noted.

BOG-Notice-BG-GOV-SEC-2022-13-BOG-WEBSITE-NOTICE-TO-BANKS-NON-BANKS-AND-THE-GENERAL-PUBLIC-HUDSON-PRICE

From their website, HudsonPrice Data Solutions Limited Credit Bureau was established by a team of certified financial groups, data analysts and software consultants in the year 2008, and it went live in 2011.

Its aim was to contribute to building a banking system with high efficiency and stability through the provision of accurate and comprehensive credit information using sophisticated global technology.

Source: opemsuo.com/Hajara Fuseini

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