624 digital loan firms barred from sharing client data with CRBs
Friday May 28 2021
By JOHN MUTUA
Summary
Fresh data shows that Kenya had 1,994 third-party data providers allowed to share borrowers’ loan defaults and payments with Credit Reference Bureaus (CRBs).
The banking regulator attributed the fall to the ban, which followed outcry over widespread misuse of the credit information sharing (CIS) mechanism.
The Central Bank of Kenya (CBK) locked out 624 digital lenders and credit-only providers from sharing information on loan payments and defaults last year in the wake of customer complaints.
Fresh data shows that Kenya had 1,994 third-party data providers allowed to share borrowers’ loan defaults and payments with Credit Reference Bureaus (CRBs), a 23.8 percent drop from 2,618 firms licensed the previous year.
The East African
Tuesday December 29 2020
Two adjacent offices of KCB in Kigali. KCB is one of the main Kenyan banks operating in Rwanda. PHOTO | CYRIL NDEGEYA
Summary
Central Bank of Kenya (CBK) data shows the Rwandan banking market offers the highest earnings capacity for Kenyan lenders despite having fewer regional banking subsidiaries compared with Uganda and Tanzania.
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Rwanda offers a fertile hunting ground for Kenyan banks seeking to maximise their earnings in the East African region.
Central Bank of Kenya (CBK) data shows the Rwandan banking market offers the highest earnings capacity for Kenyan lenders despite having fewer regional banking subsidiaries compared with Uganda and Tanzania.