The National Reserve Bank of Tonga (NRBT) is collaborating with the Asian Development Bank's Private Sector Development Initiative (PSDI) to establish a national credit register at the NRBT. The National Credit Register Bill 2026 was developed to provide the legal foundation for the in-house credit register at the NRBT.

The national credit register records credit data for use by a person having a legitimate interest in the creditworthiness of another person (e.g. a bank or a non-bank lender). The national credit register aims to improve the collection of accurate, timely and relevant credit information to support lenders' credit risk assessments of borrowers and facilitate the NRBT's oversight of financial institutions. The credit registry service is therefore critical for strengthening the credit environment for lenders and mitigating credit risks and thereby encourage further prudent lending and access to financing.

To promote increased lending for economic recovery and growth, the NRBT must maintain financial stability while protecting borrowers' interests. Achieving this goal requires the establishment of laws and regulations that provide reliable information, such as this Bill, to support informed credit decisions while ensuring adequate protection of sensitive borrower information.

Enclosed is the draft National Credit Register Bill 2026. We invite constructive feedback on this Bill, which may be submitted in writing by Friday 15 May 2026. The main components of the Bill are as follows: 

  1. Institutional arrangements - The national credit register is housed within the NRBT, therefore the operations and administration of the credit register will be overseen by the NRBT Board of Directors. This includes monitoring and ensuring accuracy of credit information and managing access to the credit register.
  2. Membership - The intention is for mandatory membership by all lenders licensed by the NRBT, however we will start with the banks, and bigger non-bank lenders. This would ensure level playing field for lenders to assist in their respective credit risk assessments. Levies may be prescribed by Regulations to be paid by credit providers for the purpose of meeting expenses incurred in administering the credit registry.
  3. Credit information - The type of information collected is clearly defined, and the requirements for members to comply with. This includes information on identification, credit application (e.g. type of loan applied for), credit account (e.g.
    amount of loan extended, repayment history) and credit default (e.g. amount in default, status of default such as referral to a debt collector).
  4. Confidentiality and Consumer Protection -
    1. Prior consent of the borrowers is compulsory before credit information is collected and shared. Only members can be authorised to access the credit information of a borrower.
    2. Safeguards include measures to prevent lenders from using credit information to 'poach' customers from other financial institutions, prevent misinformation, and prevent lenders from preying on vulnerable members of society.
  5.  Enforcement powers to address non-compliance with the Act such as failure to report and verify credit information or reporting false / misleading information. This includes payment of fees prescribed by Regulations.

Should you require any further clarification, please do not hesitate to contact Daniel Taumoepeau (This email address is being protected from spambots. You need JavaScript enabled to view it.).