Guideline 2022 status not recorded
Guidelines Concerning Digital Credit for Financial Institutions
Plain-English summary
Dated 17 March 2022 and issued under s.39 of the New Financial Institutions Act. Applies to banks, non-bank financial institutions and licensed mobile money entities offering digital credit: CBL application (s.5), loan cap of US$400 (s.9), borrower disclosures (s.6), complaint timelines (s.10) and data privacy rules (s.12).
Who it applies to
Banking · NBFC / Non-bank Lending · Payments & Fintech
Topics
Conduct & Consumer Protection Data Protection & Privacy Payments & Fintech / Digital Assets
Obligations arising from this law or regulation
| Obligation | Timing | Regulator | Source | Detail |
|---|---|---|---|---|
| Digital credit disclosure and complaint handling | Ongoing; complaints acknowledged in 2 business days, resolved in 10 | — | official | |
Providers must give borrowers key loan terms before commitment (s.6.40), full Truth-in-Lending disclosure above US$33 (s.6.60), acknowledge complaints within 2 business days and resolve them within 10 business days (ss.10.2-10.3). Digital loans are capped at US$400 (s.9.0). |
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| No obligations match these filters. | ||||
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