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And when, as a borrower, you complain about wrongful listing as defaulter, the standard response is to refer you to the lender who reported you in the first place! 6SHARESShareTweet. March 27, 2020 11:29.

Please try again later. Capital Group Limited. The most important source of credit to small-scale traders today, and to informal sector workers such as the vegetable hawker, the waiter, the hairdresser, the driver of a delivery van and the matatu tout is the mobile loan. In the build-up to the 2017 General Election, the front offices of most CRBs looked like marketplaces, bursting with political aspirants seeking to be given a clean bill of health. Yet what we wanted was credible information that banks and lenders could use to price risk.

In the first place, millions of these traders, whose businesses have been disrupted by the pandemic, risked defaulting on their loans, consequently being listed by CRBs and hence, locked out of credit. Borrowers whose loans ceased 'performing' effective April 1st will not be listed for six months after CBK banned negative credit information for such borrowers. Scroll to continue reading. Get the latest in African news delivered straight to your inbox. Opinion - President Uhuru Kenyatta has suspended listings by credit reference bureaus as part of measures the Jubilee administration has rolled out to … "With immediate effect, CBK has withdrawn issuance of approvals to mobile-based, unregulated digital and credit-only lenders as third party credit information providers to CRBs," the statement issued stated. Nyashinski - Life in the U.S. Was Too Harsh, I Had to Return Home, Nairobi National Park's Land Size Doubles, Kenya Among Countries Most Prone to Cyber Attacks, Kaspersky Report Shows, Rita Kavashe - Shattering Stereotypes in the World of Vehicles. “These SACCOs will now submit borrowers information to CRBs and also receive credit reports directly from them. Written By: Claire Wanja. “Consequently, loans that fall in arrears from April to September 30,2020 will not lead to the blacklisting’ if the borrower on the CRBs,” the statement issued noted. Tough Visa Rules for Students Seeking to Study in U.S. City Line Shift to Cost Kenya Power U.S.$9 Million, Covid-19 - Kenya Records 13 More Deaths As Cases Reach 37,707, Kisumu's Unique History and the Origin of Its Nickname 'Mboka', Learners to Test Enforcement of Covid-19 Health Protocols, Malindi Residents Protest Suspension of Sh67m Road, Sonko Presents Same Nominees Rejected By MCAs for County Board Membership, Top Court Allows Waititu to File More Documents, National Potato Council Signs New Deal to Benefit Farmers, Foreign Affairs Ministry Pledges to Work Closely With Konza to Attract Investors, Parliament, AG Unite to Fight Maraga Advisory Amid MPs' Fury, Kagwe Seeks Out Village Elders in Covid-19 War, Kenya Moves Power Lines for Nairobi Expressway, It's a Date! These are mainly small-scale traders who have defaulted on small loans borrowed through their mobile telephones and stand locked out from credit. Names of loan defaulters may no longer be forwarded to credit reference bureaus (CRBs) for listing after Central Bank of Kenya ordered banks to review their rules. Without the suspension, and in view of the fact that many citizens are jobless, the number of individuals and small-scale traders at risk of being blocked from accessing credit was going to balloon into tens of millions.

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NAIROBI, Kenya Apr 15 – Central Bank of Kenya has suspended the listing of Credit Referencing Bureau (CRB) borrowers owing less than Sh,1000.


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