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    Casa Vera Lounge fined Sh1.8 million for posting customer’s image online without consent

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    Mama Lucy hospital social worker jailed for 35 years for child trafficking

    Mama Lucy hospital social worker jailed for 35 years for child trafficking

    Green Card lottery results to be available online starting Saturday

    Diversity Immigrant Visa Lottery Program Opens on October 4, 2023

    Biden thanks President Ruto for leading UN mission to Haiti

    Biden thanks President Ruto for leading UN mission to Haiti

    Chaos on Magadi Road as Multimedia University students riot

    Chaos on Magadi Road as Multimedia University students riot

    Nairobi woman who beat up security guard in viral video denies assault charge

    Nairobi woman who beat up security guard in viral video denies assault charge

    Main suspect in murder of Eric Maigo to be detained for 21 days

    “We had a bitter argument that night”: Mother of suspect in Eric Maigo murder speaks

    KUTRRH performs first CyberKnife treatment in sub-Saharan Africa

    KUTRRH performs first CyberKnife treatment in sub-Saharan Africa

    Main suspect in murder of Eric Maigo to be detained for 21 days

    Main suspect in murder of Eric Maigo to be detained for 21 days

    Maxine Wahome and Asad Khan fought occasionally, says neighbour

    Maxine Wahome and Asad Khan fought occasionally, says neighbour

  • Business
    Ruto launches Amazon Web Centre in Nairobi

    Ruto launches Amazon Web Centre in Nairobi

    KQ pilots’ strike paralyses air travel in Kenya

    KQ to increases daily flights to London

    Casa Vera Lounge fined Sh1.8 million for posting customer’s image online without consent

    Casa Vera Lounge fined Sh1.8 million for posting customer’s image online without consent

    Governor Sakaja fires Mama Lucy hospital Board after woman lost her unborn baby at the hospital

    Nairobi plans to hike parking, mortuary fees in new Finance Bill

    Fuel prices soar as government removes subsidies

    Fuel prices cross the Sh200 mark in new Epra review

    Apple unveils iPhone 15 with USB-C

    Apple unveils iPhone 15 with USB-C

    Kindiki makes early morning surprise visit to Nyayo House

    State mulls punishment for Kenyans who fail to pick up printed passports

    Kenya exports 52 tonnes of omena to China

    Kenya exports 52 tonnes of omena to China

    Kindiki makes early morning surprise visit to Nyayo House

    Kindiki makes early morning surprise visit to Nyayo House

  • Entertainment
    • All
    • Movie
    • Music
    Casa Vera Lounge fined Sh1.8 million for posting customer’s image online without consent

    Casa Vera Lounge fined Sh1.8 million for posting customer’s image online without consent

    Trace Awards goes interstellar as hot new artists join event line-up

    Trace Awards goes interstellar as hot new artists join event line-up

    Usher to headline Super Bowl 2024 halftime show

    Usher to headline Super Bowl 2024 halftime show

    President Ruto mourns ‘Sipangwingwi’ hit producer

    President Ruto mourns ‘Sipangwingwi’ hit producer

    #AfriVega: Your VIP access to celebrities and influencers

    #AfriVega: Your VIP access to celebrities and influencers

    Kate actress and Philip Karanja confirm end of marriage

    Kate actress and Philip Karanja confirm end of marriage

    Andrew Kibe’s YouTube account terminated

    Andrew Kibe’s YouTube account terminated

    Oktobafest set for Kenya, Uganda, Tanzania, and South Sudan

    Oktobafest set for Kenya, Uganda, Tanzania, and South Sudan

    “Young, Famous and African” renewed for Season 3

    “Young, Famous and African” renewed for Season 3

  • Tech
    Ruto launches Amazon Web Centre in Nairobi

    Ruto launches Amazon Web Centre in Nairobi

    #AfriVega: Your VIP access to celebrities and influencers

    #AfriVega: Your VIP access to celebrities and influencers

    Apple unveils iPhone 15 with USB-C

    Apple unveils iPhone 15 with USB-C

    itel launches new colour-changing S23 smartphone

    itel launches new colour-changing S23 smartphone

    OPPO Kenya launches Reno10 series with pro-level camera system

    OPPO Kenya launches Reno10 series with pro-level camera system

    Police halt Worldcoin registration at KICC over security concerns

    Worldcoin: Kenyans claim eyesight issues and missing payments

    Google appoints Alex Okosi as new managing director for Africa

    Google appoints Alex Okosi as new managing director for Africa

    OPPO redefines photography with the sleek Reno10 series

    OPPO redefines photography with the sleek Reno10 series

    Civil societies protest parliament’s petition to ban TikTok

    Civil societies protest parliament’s petition to ban TikTok

  • Sports
    CAF awards Kenya, Uganda, Tanzania 2027 AFCON rights

    CAF awards Kenya, Uganda, Tanzania 2027 AFCON rights

    Eliud Kipchoge bags 5th Berlin Marathon title

    Eliud Kipchoge bags 5th Berlin Marathon title

    National Basketball Association to open office in Nairobi

    National Basketball Association to open office in Nairobi

    Shujaa secures Olympic qualification with stunning win over South Africa

    Shujaa secures Olympic qualification with stunning win over South Africa

    Ruto rallies Kenyans to attend Harambee Stars, South Sudan match

    Ruto rallies Kenyans to attend Harambee Stars, South Sudan match

    Former Man United player Paul Pogba suspended for doping

    Former Man United player Paul Pogba suspended for doping

    Kenyan Man United fan collapses after eating 15 boiled eggs in loss to Arsenal

    Kenyan Man United fan collapses after eating 15 boiled eggs in loss to Arsenal

    Asernal fan killed over match against Man United

    Asernal fan killed over match against Man United

    Fifa suspend Spanish football chief Rubiales over Hermoso kiss

    Fifa suspend Spanish football chief Rubiales over Hermoso kiss

  • Events
    Oktobafest set for Kenya, Uganda, Tanzania, and South Sudan

    Oktobafest set for Kenya, Uganda, Tanzania, and South Sudan

    OPPO Kenya launches Reno10 series with pro-level camera system

    OPPO Kenya launches Reno10 series with pro-level camera system

    Superior Homes Kenya empowers girls to end period poverty through the Nuru initiative

    Superior Homes Kenya empowers girls to end period poverty through the Nuru initiative

    Casa Vera set to host legendary band Les Wanyika

    Casa Vera set to host legendary band Les Wanyika

    Tecno opens new store at Garden City Mall in new expansion plan

    Tecno opens new store at Garden City Mall in new expansion plan

    Sebastien Ogier wins 2023 WRC Safari Rally

    Sebastien Ogier wins 2023 WRC Safari Rally

    Banseok Industry donates peanut peeling machines to 5 counties in partnership with KOTRA

    Banseok Industry donates peanut peeling machines to 5 counties in partnership with KOTRA

    We can’t have a Safari Rally in Naivasha bila sherehe says Ababu Namwaba

    We can’t have a Safari Rally in Naivasha bila sherehe says Ababu Namwaba

    President William Ruto flags off WRC Safari Rally 2023 Shakedown in Naivasha – PHOTOS

    President William Ruto flags off WRC Safari Rally 2023 Shakedown in Naivasha – PHOTOS

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Reprieve for mobile loan defaulters as CBK blocks more lenders from CRB listing

Naihaps by Naihaps
October 12, 2020
in Business, Featured
Reading Time: 2 mins read

Over 337 unregulated digital mobile lenders and micro-financiers have been blocked form forwarding the names of loan defaulters to credit reference bureaus (CRBs).

Central Bank of Kenya (CBK) said that the number of companies allowed to blacklist loan defaulters has decreased to 2,254 in September from 2,332 in May 2019.

The decrease is linked to the CBK directive delinking unregulated digital money lenders from CRBs after public outcry over widespread misuse of the credit information-sharing mechanism.

Companies such as Tala and Branch were locked out at a time when the bulk of accounts negatively listed with CRBs are linked to digital borrowers.

CRBs include Metropol, TransUnion, and Creditinfo International.

“The withdrawal is in response to numerous public complaints over misuse of the CIS (credit information sharing) by unregulated digital and credit-only lenders, and particularly their poor responsiveness to customer complaints,” the CBK said in an earlier statement.

In the new regulations, only defaults above Sh1,000 will be shared with CRBs.

Borrowers who had been blacklisted for lower amounts are now required to be cleared unconditionally.

Over 3.2 million Kenyans were negatively listed as loan defaulters amid job cuts and reduced earnings caused by the Covid-19 pandemic impact on the Kenyan economy.

CRB data revealed that the number of accounts jumped from 2.7 million in 2019 with the majority of them having borrowed less than Sh1,000.

Digital Lenders Association of Kenya (DLAC) chairman Ivan Mbowa has blamed unscrupulous newcomers in the mobile money lending sector for their ejection from CRB listing.

Mbowa, who is also the Tala chief executive officer, said that the first 15-20 digital money lenders adhere to a code of conduct that ensures that they uphold the highest standards in their operations.

“We support regulation. Not all lenders adhere to the same standards. You see this in the way some lenders do their collections from customers and defaulters. You also see this in the way some competitors structure their contracts,” said Mbowa.

The Tala CEO said DLAK was formed to ensures that customers are treated with humanity and dignity when it comes to loan collections and contracting.

The CBK ejection from CRB listing followed a public outcry over the widespread misuse of the credit information-sharing mechanism.

Some digital money lenders have been known to call or text contacts of borrowers in unscrupulous ways to force defaulters to pay back their loans.

Some even intimidate or “threat” to recover their money from close contacts of defaulters.

Post Views: 19
Tags: CBKCRB listing
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