Mobile digital lenders will be barred from blacklisting borrowers who default on loans of less than Sh1, 000 in proposed regulations that will come into force in March next year.
The proposed Digital Credit Providers Regulations, 2021 say that the lenders will only forward names for defaults of over Sh1,000 to credit reference bureaus (CRBs) in a bid to protect millions of Kenyans whose ability to borrow has been hurt by the listing for defaulting payment of the soft loans.
