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Saturday, May 29, 2021 -Government has banned Credit Reference Bureau popularly known as CRB from listing defaulters in its efforts to streamline financial industry in the country.
Kenyans now have all reasons to smile after Central Bank Governor Patrick Njoroge made this new announcement barring digital loans platforms from listing defaulters with the CRB as has been before for a long time. Firms in this industry will not be able to share personal data with the bureau due to privacy reasons. This will also play a major role in trimming out rogue players who have been draining Kenyans pockets dry with unregulated loaning facilities.
Loaning companies which have been mushrooming every day with Apps everywhere have been dangling loans to desperate Kenyans what economist argue has contributed a lot to the rate of hopelessness in the country.
This move from the Central Bank therefore will push so many financial players – precisely 624 – out of the industry hence making it easy to manage the industry.
In most cases, these firms relied heavily on listing defaulters with CRB so that to be able to trace and recover their money.
