President Uhuru Kenyatta has today announced that negative CRB reports for loans worth Sh5 million and below listed from October 2020 will not apply for the next 12 months.

“Borrowers with loans below Ksh 5,000,000 listed on the CRB from October 2020 to date will not have that listing incorporated in their credit report ending September 2022,” the president said.

Uhuru says the move will continue to cushion Kenyans against banks and lending institutions that have been listing them with the CRB due to the increased state of bad loans in the country brought about by the effects of Covid-19

This means that digital and credit-only lenders will no longer submit credit information on their borrowers to CRB.

According to a report by the Financial Deepening Kenya, at least 22 million Kenyans are struggling to repay their loans.

The survey conducted by the agency further shows that 25 per cent of Kenyans prefer digital lending apps to borrow to survive through the pandemic.


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Nigel Jr.
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