BoG withdraws license of Hudson Price Data Solutions
The Bank of Ghana has withdrawn the license of credit reference bureau, Hudson Price Data Solutions.
The Central Bank has circulated a letter directing all banks and other financial institutions to stop sending credit history data on their clients to the firm.
According to the Bank of Ghana, its decision to revoke the license of Hudson Price Data Solutions, is influenced by the firm’s persistent non-compliance to the Credit Reference Bureau Act.
The revocation of the license of Hudson Price Data Solutions, the BoG has noted, takes effect on Monday, November 21.
Banks and other financial institutions in the country that have client data deposited with Hudson Price Data Solutions, have been directed to migrate the data to another credit reference bureau later by December 10, 2022.
It is not clear for now, the specific breach in the credit reference bureau act that forced the Bank of Ghana to take the action against the institution.
But sources have it that, it’s part of the measures the Central Bank is taking to protect the country’s financial space.
The Central bank’s action therefore means that are now only two credit reference bureaus in the country – XDS Data Ghana Ltd and Dun and Bradstreet Credit Bureau Ltd.
Meanwhile, some of these institutions in the past complained about how they had struggled in getting commercial banks to comply with the Credit Reference Bureau Act when it comes to submission of data of clients in good financial standing.
