Nevertheless, now that the institutional framework for the credit reference service has been established, the costs of providing credit reference services will fall and hence there will be much less of a need for ongoing subsidy. In the three and a half years since Compuscan commenced Credit Reference Bureau operations in Uganda, in May 2008, great progress has been achieved.
All supervised financial institutions – commercial banks, credit institutions and deposit taking microfinance institutions – are participating. A total of 640,000 financial cards have been issued to the customers of financial institutions; these are all borrowers or prospective borrowers. Nearly  BIS central bankers’ speeches  1  50,000 credit enquiries are made to the Credit Reference Bureau every month.