CRB Back In Business As Banks Are Set To Forward Names Of Loan Defaulters

October 1, 2020

The Central Bank Of Kenya recently came out to allow banks to blacklist all the loan defaulters who had earlier on been pardoned due to the Covid 19 pandemic. This brings the Credit Reference Bureau (CRB) back in business, as names are expected to be forwarded to Metropol, TransUnion and Creditinfo International which all comprise of the CRB.

Head of CBK, Dr Patrick Njoroge, issued the notice stating that all the defaulters will have a three months notice to clear their balances before January 2021 in which they will all be blacklisted.

“The point here is to emphasise we are going back to the normal operations, the way things used to happen and that’s where we will be from October 1.They will give you 30 days so you have three months to regularise whatever you had not paid,” Dr Njoroge said.

According to banking institutions, data from banks showed that the amount of money given to the loan defaulters is at Shs 30 billion in four months. There is already over 3.2 million people listed in the CRB as the number is set to rise even higher in the coming months.