More than 300 unregulated loan apps have been barred from forwarding the names of loan defaulters.
Digital mobile lenders have been in enough trouble with Kenyan netizens and with good reason. If you have taken a loan from the common loan apps you would know that you’re meant to give your personal information including your contact list, in desperation Kenyans would almost leave their kidneys for less than KSh 5,000 and it’s understandable, the economy is a mess.
However, after misusing information given to them Kenyans have complained about the misuse of the CIS by unregulated digital and credit-only lenders. Particularly their poor responsiveness to customer complaints.
But now the rules have changed for the better as the Central Bank of Kenya has decided that they will no longer blacklist loan defaulters for less than a KSh 1,000. According to the CBK, there are currently more than 3.2 million Kenyans that are loan defaulters. This is a jump from last year’s 2.7 million, most of whom are still in the mobile digital lender’s book.
It is advisable to clear your loan even if it’s in bits to avoid getting listed by the CRB. Once you’ve cleared your loan it would even be easier to get your name off CRB during the pandemic season.