Win for borrowers as CBK ties noose on unregulated lenders 

Bank notes

Borrowers are currently required to clear their outstanding loans and also typically pay Sh2,200 for clearance from the CRBs before being given a clean bill of health to borrow. 

Photo credit: File | AFP

What you need to know:

  • Digital lenders will be required to notify customers at least a month earlier before listing them as defaulters.
  • The CBK aims to bar the lenders from making unauthorized calls and messages to the contacts of borrowers. 

Mobile lenders will now have to seek your consent before they forward your information to be listed on Credit Reference Bureaus (CRBs) in new regulations by the Central Bank of Kenya (CBK) meant to finally put the unregulated lenders in check. 

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