State Bank of Pakistan Unveils Advanced eCIB System

Introduction of eCIB System (V2)

The State Bank of Pakistan (SBP) has announced the launch of the new Electronic Credit Information Bureau system, eCIB (V2), set to become operational on January 1, 2025. This upgraded system is designed to replace the existing eCIB infrastructure, aligning with technological advancements and international reporting standards.

Enhancements in Credit Reporting

The eCIB (V2) introduces several additions and amendments to the Credit Information Report (CIR), aiming to provide more comprehensive credit data. Financial institutions will now have the capability to generate CIRs for both individual and corporate clients, enhancing the assessment of creditworthiness and risk management.

Alignment with International Standards

Developed to cope with technological advancements, the new system aligns with international practices, ensuring that Pakistan’s credit information infrastructure meets global benchmarks. This alignment is expected to facilitate better integration with international financial systems and improve the country’s financial transparency.

Operational Transition

The SBP has provided data format specifications and guidelines to assist financial institutions in transitioning to the new system. These resources are available on the SBP’s official website, ensuring that stakeholders are well-prepared for the upcoming changes.

Implications for Financial Institutions

With the implementation of eCIB (V2), financial institutions are expected to experience improved efficiency in credit information processing. The enhanced system will support better decision-making in lending practices, contributing to the overall stability and growth of Pakistan’s financial sector.