No.12
2015
"utility body" means a body corporate, including a local authority
and a statutory body, which supplies utility services such
as electricity, or waste or \Vater management.
(2) The Bank may establish a Credit Registry for the purpose
of ensuring a sound credit information system in Zimbabwe, and may
require any-(a) financial or other institution offering credit, including
leasing facilities and hire-purchase; or
(b) utility body;
to become a participating institution.
(3) A patticipating institution shall furnish the Credit Registry
with credit infonnation at such time and in such manner as the Bank
may specify, for the purpose of(a) maintaining a database of(i) information on recipients of credit facilities and
guarantors; and
(ii) such other infmmation as may reasonably assist in
ensuring the soundness of the credit information
system;
(b)
(c)
collecting, consolidating and collating trade, credit and
financial information on recipients of credit facilities;
disclosing the information to such institutions as the Bank
may approve, or allowing those institutions access to the
information.
(4) Subject to subsection (5), creditinformationcollected by the
Credit Registry shall be used for the purpose of meeting the objectives
of the Registry and shall be kept confidential as between the Bank and
participating institutions.
(5) Notwithstanding section 60 ("Preservation of secrecy") or
any other enactment, the Bank may impart, on such tenus and conditions
as it thinks fit, information maintained in the Credit Registry to(a) such bodies as it considers appropriate for credit rating
purposes; and
(b) any public sector agency or law enforcement agency, to
enable the agency to discharge, or assist it in discharging,
any of its functions; and
(c) such institutions and for such purposes as the Bank thinks
appropriate, where the person to whom the information
relates has given written consent for the information to
be disclosed to the institution.
(6) Any duty of confidentiality imposed on any participating
institution under any enactment shall not apply where the information
is required to be transmitted to the Credit Registry in tem1s of this
section.
(7) A utility body may require any of its customers to provide
it with information which the utility body is required to provide to the
Credit Registry in terms of this section.
(8) A paxticipating institution processing an application for
credit facilities may have recourse to information from the Credit
Registry for the purpose, and shall inform the applicant that all available
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