Malawi did not have credit reference bureaux until 2010, when the first credit bureau was established and licensed in 2011. Another bureau was later licensed in 2011 by the Registrar following enactment of the Credit Reference Bureau Act, 2010. The Act was introduced following the financial sector reforms undertaken by the Malawi Government. Credit reference bureaus complement the central role played by banks and other financial institutions in extending financial services within an economy by helping lenders make faster and more accurate credit decisions.