The government is set to introduce a new code of conduct to guide the CRB listings by digital lenders.
The code which is backed by the Central Bank of Kenya (CBK) is expected to provide a framework for best practice to none regulated players.
The code of conduct is in the National Assembly and it has been classified as tbe an ammendment to the Central Bank Act.
The Act will allow digital lenders to share their credit information.It will alkow both parties to access and list borrowers with Credit Reference Bureaus (CRB).
The code contains date protection , customer protection and customer centrality which shalk be signed by Dec, 2021.
It includes customer consent in sharing their credit information.
The Act comes amidst complains by customers that their has been mis use of their phone book by the credit lenders.
People have also complained that the CRB has been harrasing them yet they are not debt collection agency.
The new Act has got the foundation in the CRB Regulations of 2020.
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