Wednesday, April 15, 2020

Big Blow As CBK Locks Digital Lenders, Credit-Only Companies Out Of CRB

    April 15, 2020   No comments

Loan apps

Digital lenders and Credit-Only companies will no longer be submitting borrowers information to the CRBs the CBK has said.

The decision came after thorough consultation with other stakeholders and the public. Digital lenders and Credit only companies have a seriously poor way of communicating to their customers.

The digital lenders and Credit only companies that will no longer submit borrowers' information to the CRB are the ones not regulated by the CBK.

Digital products by CBK regulated commercial banks like Mshwari, KCBMPESA, VOOMA, HF Whizz, Timiza, Stawi,  MCo-opCash,PesaPap will function as usual.

Tala, Branch ,Okolea Carbon Stawika and the rest of loan apps not regulated by the CBK will effective 14th April 2020 cease to blacklist borrowers with the CRBs.

In a Tuesday press release, the bank national regulator added that there will be no blacklisting of borrowers with less than ksh1000 overdue loans. Again, borrowers negatively listed to CRBs because of less than ksh1000 non performing loans should be delisted with immediate effect.

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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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