Politics

4 million Kenyans to be ejected from CRBs blacklist

4 million Kenyans will have the opportunity to grow their credit score once again, after ejection from CRBs blacklist.

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Speaking on Wednesday during a joint press briefing held by Safaricom, KCB and NCBA Bank, President William Ruto promised that the 4 million Kenyans blacklisted for defaulting loans will be ejected by November 1 2022.

“Instead of blacklisting we can have a graduated listing of borrowers based on how they have borrowed and how they have paid back,” he said.

The president said that his government is not against credit reference bureaus (CRB), adding that they are “just changing the model” and lowering the cost of credit is part of multiple interventions to lower cost of living by his administration.

Courtesy// Twitter

“This is a positive development for millions of Kenyans who are excluded from accessing credit. We have the largest opportunity in enabling credit access to Micro,Small, and Medium Enterprises (MSMEs).” Dr Ruto added.

President Ruto lauded the move saying it will give the listed Kenyans a fresh opportunity to access credit and put end to exploitation from what he described as “predatory lenders”

The announcement by Dr Ruto was made on the same day that Safaricom lowered its interest rates on Fuliza by 40 percent and that there will be a three-day grace period where no maintenance fee will be charged. Since its introduction in 2019, Fuliza has risen to become the leading mobile loan, disbursing Ksh 1.5 billion daily.

Courtesy// Twitter

President William Ruto wants mobile service provider Safaricom, NCBA Bank and Kenya Commercial Bank (KCB) to introduce loan schemes for Small and medium enterprises.


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