Friday, October 02, 2020

Lenders Now To Blacklist Defaulters With CRB

    October 02, 2020   No comments

CBK Governor Dr Patrick Njoroge
CBK Governor Dr Patrick Njoroge 

The Central Bank of Kenya (CBK) has issued a press release allowing lenders to continue blacklisting loan defaulters as it used to be before COVID-19 pandemic.

In April, CBK stopped banks and other lenders from negatively listing borrowers with performing loans as of April 1 for a period of six months.

The six months period came to an end on September 30th, 2020 giving lenders the right to start submitting borrowers information to the CRB.

Lenders will now have to contact borrowers with non-performing loans after 60 days ( end of November) to start servicing their facilities. Any borrower who will fail to do so within another 30 days (end of December) will be blacklisted with the CRB by January next year.

The bank regulator also removed mobile payment transaction charges , ordered delisting of borrowers with debts below ksh 1000 among other moves to cushion Kenyans against the negative impact of the Coronavirus pandemic.


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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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