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CBK Turns Its Back On Digital Lending

The Central Bank of Kenya has sought the return of Credit Reference Bureau to digital mobile lenders that usually loan clients through mobile apps.

The CBK had earlier allowed digital lenders not to share credit information but through the Central Bank ammendment Bill 2021,its Governor Patrick Njoroge issued a statement that necessitated all digital lenders to share credit information.

If this will be supported with the Members of Parliament in the National Assembly then it will be an requirement for all digital lenders to do so.

Njoroge said that this move will be used to discourage some borrowing maltpratices such as money laundering.

Some Kenyans have placed others into negative listing after registering their lending accounts with one's information making them suffer the consequences of negative listing hence difficult in borrowing due to their low credit score.

Njoroge stated that this directive will also reduce such scenarios within the money lending industry.

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CBK Credit Reference Bureau National Njoroge Patrick Njoroge

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