Credit Registry Bill at public consultation phase

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The Central Bank of Samoa has confirmed the public consultation phase for the Credit Registry Bill, an essential legislative proposal to enhance the transparency and efficiency of credit reporting in Samoa.

The overall policy goal of establishing a Credit Registry is to reduce lender risk, improve access to finance, and promote financial sector stability. Financial institutions and other lenders in Samoa often have poor or limited credit information about new borrowers, intensifying lending risk. 

This increased risk leads to more significant costs for lenders and is passed on to borrowers through high-interest rates and reduced willingness to lend. Increased risk and potential over-indebtedness also pose a threat to financial sector stability.

Thus, the role of the credit registry is to collect and distribute credit information, allowing lenders to more accurately evaluate risks and avoid bad loans, improving the credit market for potential borrowers, and supporting financial sector stability.

Public input is integral to the success of this proposed legislation.

The Central Bank encourages all stakeholders and members of the general public to review the Credit Registry Bill and share their comments, suggestions, and concerns. 

The due date for comments is the 22nd of September, 2023. The Central Bank of Samoa is committed to transparency and accountability in the legislative process, and we value your contribution to this critical endeavor.