The linkage between access to credit and economic development of a country has been made more proficient with the Credit Information Sharing (CIS) mechanism in place, which has created an opportunity for a wider cross section of the population to access credit, particularly those with
President William Ruto met major financial institution bosses in the country Wednesday, at Norfolk Hotel, Nairobi to chat a new path of lowering the cost of living among millions of Kenyans.
In his speech, the president thanked Safaricom Chief Executive Officer Peter Ndegwa for going out
Digital lenders are now required to notify loan defaulters a month prior, before presenting their names to the Credit Reference Bureau (CRB).
This comes after changes were made to the Consumer Protection Act which saw the Central Bank of Kenya (CBK) become an overseer of all-digital
The power of employers in Kenya has been limited by changes in the new law that took effect on April 4, 2022.
This was after President Uhuru Kenyatta signed into law the Employment (Amendment) Bill 2021.
The bill is a reprieve for job seekers where the employer
Digital lenders have stopped giving loans to customers who
are not in their database over continued freeze out of the Credit Reference
The move follows the current regulations that prevent the
digital lenders from blacklisting defaulters, something the online lenders say
will hinder collection of their loans, leading
President Uhuru Kenyatta on October 20 this year ordered the
National Treasury and all financial institutions to work out a moratorium that
will see Micro Small and Medium Enterprises (MSMEs) with less than Ksh.5
million have their information undisclosed to Kenya’s three Credit Reference
The President’s directive also
Kenyans who have defaulted on loans below Ksh.5 million will
be spared from being listed with Credit Reference Bureaus (CRBs) for one year
to September 30, 2022.
The decision was part of President Uhuru Kenyatta’s 13-point economic revival plan that would protect most Kenyans from the economic headwinds
The Central Bank of Kenya (CBK) has extended the list of third
party Credit Information Providers (CIP) to 1,994 institutions, which will see
more data, provided to Kenya’s Credit Reference Bureaus (CRBs).
This means that CRBs will now collaborate with third party
institutions to provide credit history of borrowers