Securities and Exchange Commission of Zambia
Licence No. CRA/24/2 grants ICRA Rating Agency Limited a Credit Rating Agency Licence. The licensed address is Plot No. 20848, Corporate Park, Alick Nkhata Road, Mass Media, Lusaka.
View SEC licence →ICRA Zambia Licence and Regulatory Letters
Official licensing and regulatory correspondence supporting ICRA Rating Agency Limited’s operations in Zambia.
Regulatory standing
Licensed to provide credit rating services in Zambia
ICRA Rating Agency Limited holds a Credit Rating Agency Licence issued by the Securities and Exchange Commission of Zambia under Part VI of the Securities Act, 2016, as amended.
Pensions and Insurance Authority (PIA)
PIA confirmed that it has no objection to ICRA participating in the rating of reinsurers for qualifying reinsurer purposes, subject to annual confirmation of SEC licensing status and the conditions stated in its letter.
View PIA letter →Ministry of Finance and National Planning
The Ministry confirmed that the Securities and Exchange Commission is mandated by Government and law to accredit financial institutions such as credit rating agencies, and that SEC accreditation and recognition provide sufficient credibility locally and internationally.
View Ministry letter →Bank of Zambia
The Bank of Zambia stated that ICRA’s SEC licence is adequate for it to conduct rating activities. It also clarified that ratings may not be used for capital adequacy or loan-loss provisioning until the Bank establishes an External Credit Assessment Institution recognition framework.
View Bank of Zambia letter →Important clarification: The SEC Zambia licence is the operative authorisation for ICRA Rating Agency Limited to conduct credit rating activities in Zambia. The PIA, Ministry of Finance and National Planning, and Bank of Zambia documents are regulatory correspondence and are presented according to the scope and conditions stated in each letter.