The State Bank of Pakistan (SBP) has announced the launch of the new electronic Credit Information Bureau (eCIB) system (V2), which will become operational on January 1, 2025. The new eCIB system (V2) will replace the existing system
In a circular issued by the Consumer Protection Department, the SBP directed all member financial institutions, including banks, microfinance banks (MFBs), development finance institutions (DFIs), non-banking financial companies (NBFCs), and Modarabas, to submit their month-end data for December 2024 through the new eCIB system by January 10, 2025, via the Data Acquisition Portal.
During the transition, member institutions are also required to submit the December 2024 data in parallel using the old eCIB system by January 15, 2025. Following this, the old system will be decommissioned, and all subsequent month-end data submissions will exclusively use the new eCIB system, with a deadline of the 10th of each following month.
The SBP emphasized the importance of accurate, complete, and timely reporting of eCIB data. Non-compliance will result in enforcement actions, including penalties, under applicable regulations. Financial institutions will also bear responsibility for any legal or other consequences arising from inaccuracies or delays.
Under the new system, financial institutions will be able to generate Credit Information Reports (CIRs) for both individual and corporate borrowers using updated formats provided by the SBP. Reports from the old eCIB system will no longer be valid after December 2024.
