credit reference bureaus

Banks, saccos and micro-finance lenders now face a fine of Sh2 million for every defaulter they deny loans to for being listed negatively with the country’s credit reference bureaus (CRBs). This new regulation represents a fresh attempt to unlock credit to firms and workers hard hit by effects of coronavirus pandemic. The Treasury has introduced the fine in regulations aimed at cleaning up the CRBs blacklist and enhancing borrowers’ chances of being able to borrow more.