In a significant development for Uganda’s financial sector, the Bank of Uganda (BoU) has officially granted Armada Credit Bureau (Armada CRB) its operating license, making it the country’s fourth credit bureau. The licensure acknowledges Armada CRB’s commitment to upholding high standards in the credit reporting industry and its fulfillment of BoU’s stringent conditions for obtaining a credit bureau operating license.
As a licensed credit bureau, Armada CRB is positioned to make a substantial contribution to Uganda’s financial landscape, facilitating informed decision-making for creditors across various industries. With a vision to be the leading and most trusted single source of reliable insights, Armada CRB aims to foster value creation and trust between creditors and their customers through the power of data and analytics.
The company is dedicated to enhancing Uganda’s credit ecosystem by providing comprehensive services to financial institutions, micro-finance organizations, and individual creditors. This aligns with the national strategy to promote responsible lending and borrowing practices, fostering a healthier and more sustainable financial environment.
Armada CRB’s credit reporting systems are expected to be utilized by banks and nonbank credit-granting institutions to screen borrowers, monitor risk profiles, and improve the efficiency of loan portfolios. The establishment of Armada CRB reflects broader efforts to encourage responsible borrowing and lending practices, ultimately leading to a competitive credit market, lower interest rates, and a healthier financial environment.
