SBP launches new version of eCIB System

The State Bank of Pakistan (SBP), announced the launch of the new eCIB System (V2), an advanced version of its Electronic Credit Information Bureau (eCIB) system that will be in operation with advent of the new year.

The new eCIB System: To embrace technological advancements and synchronize reporting standards with international practices, a revamped eCIB system will launch on January 1, 2025. This new system aims to replace the existing eCIB framework, offering enhanced features and streamlined processes.

The member financial institutions will submit, for the last time under the existing eCIB system, December 2024 data while Credit Information Report (CIR) of the individual and corporate borrowers under the old eCIB system will no longer be a valid report.

The Consumer Protection Department of the central bank, through a circular letter, advised all member financial institutions (FIs) to submit month end data of December 2024 under new eCIB system (V2) as per DFS guidelines by January 10, 2025 through Data Acquisition Portal.

The Credit Information Report “CIR under the old eCIB system will no longer be a valid report,” the circular letter clarified and informed that, submission of December 2024 data will enable the member FIs to generate CIR of individual and corporate borrowers under new eCIB system (V2) in prescribed formats.

Under the new system, few additions and amendments have also been introduced in Credit Information Report with the objective to make it more comprehensive, the SBP said and termed the initiative as part of SBP’s broader vision to modernize Pakistan’s financial infrastructure and promote economic growth.

The launch of new eCIB System (V2) reflects SBP’s commitment to leveraging technology to strengthen Pakistan’s financial sector, it added.