“CRB PRISONERS FREED”…CBK Orders Millions Of Loan Defaulters To Be Removed From CRB Blacklist

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In line with an earlier directive by the President Uhuru Kenyatta, the Central Bank of Kenya (CBK) on Monday, November 8 has announced the suspension of negative credit listing for borrowers of Ksh 5million and below for a period of 12 months.

A statement from the bank stated that the directive took effect from October 1 and will end on September 30, 2022.

Speaking in kirinyanga,during Mashujaa day Celebrations, the head of state noted that the move was one of the measures that he was taking to revamp the Kenyan economy from the effects of the global pandemic.

“The agency announces the suspension for a period of twelve months of the negative listing credit information for borrowers with loans below Ksh5 million whose loans were previously performing but have become non-performing from October 1 2020.”

“Further, CRBs will not include in any credit report, any negative credit information for loans of a customer less than Ksh5 million submitted to the CRB from October 1, 2020, to September 30, 2021,” the statement read in part.

Over 14 million Kenyans have been blacklisted on Credit Reference Bureaus (CRBs) – severely affecting access to credit at a time when millions were losing jobs.

As at February this year reports indicate that 4,362,460 Kenyans were blacklisted as defaulters between August 2020 and January 2021.

The majority of the listed defaulters had loans of less than Ksh5 million and are largely expected to benefit from the new directive.

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