Lenders develop a Code of Conduct requiring Twenty Principles for sharing credit information
Lenders in Kenya have taken the bold and responsible step of putting their house in order to minimise unethical practices that have dented the credit information sharing (CIS) mechanism over the years. Following the challenge directed at them by the Central Bank of Kenya (CBK) and the public, lenders have developed an industry Code of Conduct that is closely aligned to the expectations of the consumers, regulators and international best practices. Development of the 20 Principles of an Effective CIS mechanism has been spearheaded by the Credit Information Sharing Association of Kenya (CIS Kenya) using its wide experience in CIS …
5th Africa CIS Conference Report
The 5th Africa CIS Conference provided a unique meeting point for Africa’s financial sector players to share emerging developments on Credit Information Sharing and related aspects. The 5th Africa CIS Conference was different, with a wider conversation into the synergies that the broader credit infrastructure provides in promoting a more inclusive credit market. Under the theme: “CREDIT INFRASTRUCTURE FOR SUSTAINABLE GROWTH: Entrenching Dynamic Assessment of Risk”, emphasis were placed on inter-relationships between 4 key elements and 4 enablers of an effective Credit Infrastructure. Download Report …
CRB Regulations 2020 offer more than ‘soft landing’ for COVID-19 disruptions
The CRB Regulations, 2020 gazetted by the Cabinet Secretary to the National Treasury on 8th April 2020 introduced major reforms aimed at strengthening the credit information sharing framework in Kenya. Most people will remember these Regulations mainly for four prominent things: suspension of negative listing for borrowers affected by the COVID-19 pandemic; withdrawal of Central Bank approval to some lenders previously allowed to share data; reprieve granted to first-time applicants for clearance certificates and borrowers who default on principal loans of less than Shs. 1,000. This affirmative action by Government has proved to be hugely popular among many stakeholders who …
April 2019 Digest
In February 2019, the Government of announced the Launch of ‘Huduma Namba’ a National Integrated Identity Management System. The purpose of the portal is to be a master population register, applicable to all residents of Kenya: foreign and citizens, which enables one to be identified using a single reference number in order to access government services. Its registration was rolled out on a pilot basis in select counties across the nation… Read more …