The State Bank of Pakistan (SBP) has announced the rollout of the updated electronic Credit Information Bureau (eCIB) system (V2), which will officially go live on January 1, 2025. This new version is set to replace the existing eCIB system, streamlining credit reporting and enhancing data management for financial institutions across Pakistan.
Transition Timeline and Requirements
In a circular issued by the Consumer Protection Department, the SBP directed all member financial institutions—banks, microfinance banks (MFBs), development finance institutions (DFIs), non-banking financial companies (NBFCs), and Modarabas—to adhere to the following guidelines during the transition:
- Parallel Submissions for December 2024 Data:
- Submit month-end data for December 2024 via the new eCIB system by January 10, 2025, through the Data Acquisition Portal.
- Submit the same data using the old eCIB system by January 15, 2025.
- Full Transition to eCIB V2:
- The old system will be decommissioned after January 15, 2025.
- From January 2025 onwards, all month-end data submissions must be completed exclusively via the new eCIB system by the 10th of each following month.
Key Features of the New eCIB System
The upgraded eCIB system introduces several enhancements to improve reporting accuracy and accessibility for financial institutions:
- Enhanced Reporting Formats: Financial institutions can generate updated Credit Information Reports (CIRs) for individual and corporate borrowers.
- Improved Data Management: The new system ensures better data validation and submission processes, reducing inaccuracies and delays.
- Streamlined Transition: Parallel submissions for December 2024 will allow institutions to familiarize themselves with the new platform while ensuring continuity.
Compliance and Penalties
The SBP has underscored the importance of accurate, complete, and timely data reporting. Member institutions are reminded of the following:
- Non-compliance with reporting requirements will result in enforcement actions, including penalties, as per applicable regulations.
- Financial institutions will be held accountable for any legal or operational consequences arising from inaccurate or delayed submissions.
Impact on Credit Reports
As part of the transition, reports generated through the old eCIB system will no longer be valid after December 2024. The new eCIB V2 system will be the sole platform for generating Credit Information Reports, ensuring a standardized approach across the financial sector.
A Step Forward in Digital Transformation
The introduction of the new eCIB system reflects SBP’s commitment to leveraging technology to enhance the efficiency and reliability of Pakistan’s financial ecosystem. By adopting this upgraded platform, the SBP aims to support better credit risk management and ensure the seamless flow of financial information.
Financial institutions are encouraged to take necessary steps to ensure compliance and familiarize their teams with the new system before its full implementation in January 2025.
