Ultimate magazine theme for WordPress.

- Advertisement -

In a Press Statement, Kenyans Blacklisted by CRB for Kshs 1, 000 will get delisted

Read also: Loan Amnesty lists to be released on Friday April 10, 2020

- Advertisement -

In a Press Statement, Kenyans Blacklisted by CRB for Kshs 1, 000 will get delisted

Kenyans, especially the youth are a happy lot right now after the Credit Reference Bureau, CRB deregistered Kshs 1, 000 defaulters.

- Advertisement -

This move follows the decision by the CBK to revise CRB regulations.

Through a press statement CBK has announced that individuals blacklisted for less than Kshs 1, 000 will be delisted.

CBK also indicated that a minimum threshold of Kshs 1, 000 has been set for negative credit information that is submitted to CRBs by lenders.

“Borrower’s information regarding non-performing loans of less than Kshs 1, 000 will therefore not be submitted to CRBs and followers previously blacklisted only for an amount less than Kshs 1, 000 will be delisted,” read part of the circular.

Besides CRB clearance certificates will be provided at no charge.

“First-time clearance certificates will be provided by CRBs at no charge. This is particularly beneficial to Kenyan Youth and fresh graduates who are seeking employment.”


- Advertisement -

There is also light at the end of the tunnel for SACCOS after CBK gave them the go-ahead to access CRB information for members wishing to access their loans.

“SACCO societies regulated by the Sacco Societies Regulatory Authority, SASRA have now been included as authorized subscribers of credit data to CRBs. These SACCOs will now submit borrowers’ information to CRSs and receive credit reports directly from them” reads part of the CBK statement.

Unregulated online mobile money lenders

Following public uproar bordering on the misuse of unregulated mobile and online money lenders, the Central Bank of Kenya has also barred them from listing Kenyans on Credit Reference Bureaus, CRBs.

“With immediate effect, CBK has withdrawn the approvals granted to unregulated mobile and credit only lenders as third party credit information providers to CRBS.

The withdrawal is in response to numerous public complaints about misuse of the CIS by unregulated mobile money lenders who do not heed to customer complaints.”

Loans (April 1, 2020, to September 30, 2020)

Loans that fall in arrears from April 1 to September 30, 2020 will not attract any penalties including blacklisting the defaulter on CRBs.

This decision is aimed at protecting Kenyans from the adverse impact of the coronavirus.

Enter Your Mail Address

- Advertisement -

- Advertisement -

Leave A Reply

Your email address will not be published.