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- These digital lenders can still forward your name to CRB for blacklisting when you default, be warned.
- All lenders including those regulated by the CBK cannot blacklist a defaulter for a loan with a value equal to ksh 1,000 or below
The Central Bank of Kenya (CBK) directed that over 300 unregulated digital lenders and Credit-Only companies to be ejected from CRB blacklisting of loan defaulters.
This move was as a result of some the mentioned lenders mistreating kenyan borrowers as well as misusing the Credit Information Sharing (CIS) system.
Many of the loans apps and non deposit taking microfinance institutions which not regulated by the CBK charged exorbitant interest rates on the loan facilities offered in addition to issuing small useless loans.
The three licensed Credit Reference Bureaus (CRB) - Metropol CRB, Transunion CRB and Creditinfo CRB - recently announced responding to the directive, removing over 1 million loan defaulters from the blacklisted as directed by the CBK.
This did not spare even some of the popular loan apps including Tala, Branch,Zenka ,Opesa and Okash. All these apps and more even the Credit-Only companies will have to offer risky loan facilities - without checking a borrower's credit score and history. And when the borrower defaults, these lenders will never have the powers to forward his or her name to CRB for blacklisting.
But did you know that not all digital lenders were barred from using CRB services? There are five or maybe more of the digital mobile lenders that survived the CBK directive.
Why did they survive? The reason is because, these lenders are working like products from already CBK licensed lenders. Check the list;
1.Timiza
Timiza is a digital loan platform by Absa Bank Kenya
Check Timiza loan app
2.VOOMA
This is a loan platform by KCB.
Check VOOMA loan app
3.HF Whizz
This is a loan app by Housing Finance.
Check HF Whizz loan app
4.PesaPap
This is a mobile loan platform by Family Bank of Kenya
Check PesaPap loan app
5.Stawi
This is a business loan mobile platform by the Kenyan government in collaboration with 5 major banks in Kenya.
Check Stawi loan app
6.M-shwari
This is a digital money platform by Safaricom and NCBA Bank. Check Mshwari
7.KCBMPESA
This is a digital money platform by Safaricom and KCB.
Check KCBMPESA
8. Fuliza Mpesa
This is an overdraft service provided by Safaricom in a partnership with NCBA Bank and KCB . Check Fuliza
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