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CBK directive to create new credit-scoring platforms

The Central Bank of Kenya has withdrawn the approvals it granted to unregulated digital and credit-only lenders as third party credit information providers to credit reference bureaus. FILE PHOTO | NMG

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By  GEORGE BODO

The decision by the Central Bank of Kenya (CBK) to withdraw the approvals it granted to unregulated digital (mobile-based) and credit-only lenders as third party credit information providers to credit reference bureaus (CRBs), leaves a significant number of digital lending platforms in limbo in as far as credit scoring is concerned.

The Credit Reference Regulations of 2013 allowed CRBs to receive information from third-party sources, provided the CBK issues no-objection.

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