Did you Know?
CRB (Credit Reference Bureaus) Listing is set to begin in January, 2021 this week following the lapse of the 90-day freeze. The Central Bank of Kenya (CBK) suspended the listing of loans defaulted after April 1st, 2020 as a relief measure against the Covid-19 economic effect. The relief lasted for a period of six months up to September 30th, 2020 and was lifted by CBK. As required, lenders gave defaulters 90 days from October 1, 2020 to start repaying their loan failure to which they will be listed with the three CRBs – Metropol, TransUnion and Creditinfo.
This follows data from the CBK indicating that non-performing loans (NLPs) rose to Kshs. 403.9 billion in October 2020 up from Kshs. 349 Billion as reported in the Business Daily, 04th January, 2021. Prior to Covid, 3.2 million Kenyans had been listed as loan defaulters with the CRB.