• Latest
  • All
  • How To
CRBs

Defaulters Risk Being Listed in CRBs After 6 Month Grace Period Expires

October 1, 2020
Samsung QLED TVs

Samsung QLED TVs Now Officially Certified for Real Quantum Dot Technology

May 9, 2025
Apple Smart Glasses

Apple Is Making Its Own Chip for Smart Glasses Coming by 2027

May 9, 2025
Safaricom

Safaricom Breaks Barriers with $3B Milestone and Bold Ethiopia Play

May 9, 2025
Private Number calls

How to Handle Private Number Calls in Kenya

May 8, 2025
DHgate Tablet Cases deals
Kenya Power EV charging stations

Kenya Power Rolls Out 45 EV Charging Stations Across the Country

May 8, 2025
Bayobab

MTN’s Bayobab Connects Uganda and Kenya with New Fiber Route

May 8, 2025
Airtel Africa Starlink partnership

Starlink Is Expanding in Africa Through New Airtel Partnership

May 8, 2025
Android FreeType patch

Android May 2025 Security Update Fixes Critical FreeType Zero-Click Vulnerability

May 7, 2025
worldcoin kenya

Court Ruling Orders Worldcoin to Delete All Kenyan Biometric Records

May 7, 2025
smartphones-2024

Smartphone Market Recovers Slightly in Q1 2025 With Apple, Vivo Leading Gains

May 7, 2025
GTA 6 Trailer 2

GTA 6 Trailer 2: Rockstar Confirms Release Date and Dual Protagonists

May 7, 2025
YouTube Premium Duo

YouTube Now Lets Two People Share a Premium Plan

May 6, 2025
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
No Result
View All Result

Defaulters Risk Being Listed in CRBs After 6 Month Grace Period Expires

Kiruti Itimu by Kiruti Itimu
October 1, 2020
in News
Reading Time: 2 mins read
259
0
CRBs

Defaulters risk to be listed in CRBs (Credit Reference Bureaus) after the 6-month freeze by the Central Bank expired yesterday.

Back in April, the Central Bank issued a release where they directed the suspension of listing of negative credit information for borrowers whose loans were performing previously but have become non-performing from April 1st 2020. This grace period was between April 1st and September 30th and the Central Bank hasn’t issued an extension so far.

This grace period was part of the stimulus package the CBK had put in place to cushion individuals and businesses from the adverse risk of the COVID-19 pandemic. During that time, there was a major fall in demand and emergency measures like curfews were placed which disrupted normal life for many Kenyans.

The expiry of the grace period now means that borrowers who have defaulted on their loans now risk being blacklisted, which further hurts their chances of being able to borrow.

The Credit Information Sharing Association is also concerned about this matter. “We are waiting for the CBK to provide guidance, the matter is in their hands. It cannot just happen automatically because some aspects of resumption need guidance,” Mr Getanga told the Business Daily.

Mr Getanga also said that the CBK will need to clarify whether the suspension on reporting of defaults occurring in the six-month period will be permanent or not.

Millions of Kenyans have been negatively listed with the CRBs in recent times thanks to digital loans which have risen in popularity in the past 5 years.

What has the CBK directed after the expiry?

The Central Bank has today communicated their directive after the expiry of the suspension of the listing of negative credit information for borrowers.

“If a loan is in arrears after 60 days from October 1, a financial institution will, in accordance with the existing procedures, give the borrowers notice of the intention to list them with the CRBs,” the Central Bank said in the notice. “If the loan hasn’t been regularized after the 30-day notice period, the financial institution will then list the non-performing loan with the CRBs,” they added.

They also touched on those loans that were performing before April 1 and subsequently went into arrears. These loans were not initially subject to the grace period like the ones mentioned above. The Central Bank says that these loans will have three months (until end December 2020) to regularize their loans before they are listed with CRBs.

Tags: CRB
SendShare147Tweet92
Kiruti Itimu

Kiruti Itimu

Culture Editor. Covers the intersection of Tech, Social Media and Web Culture. Tech enthusiast hello@techweez.com

Related Posts

Digital Lenders Association of Kenya, DFSAK

Kenyan Digital Lenders Raise Loan Minimums Above KES 1000

October 3, 2023
mobile loan apps in kenya without crb

Understanding Genuine Mobile Loan Apps in Kenya – Part 2

September 26, 2023
State of Digital Lending Apps in Kenya in 2023

State of Digital Lending Apps in Kenya in 2023

January 23, 2023
Loan Apps Kenya

CBK Directive on CRB Listing Has Lost 4 Million Customers for Online Lenders

December 7, 2021
Fuliza M-Pesa

Fuliza is Probably Safaricom’s Latest Success Story as Kenyans Borrow KES 1.2 Billion Daily

August 31, 2021
draft credit information sharing association code of conduct

Credit Information Association Publishes Draft Code of Conduct to Protect Borrowers

June 26, 2020

Latest

Samsung QLED TVs

Samsung QLED TVs Now Officially Certified for Real Quantum Dot Technology

May 9, 2025
Apple Smart Glasses

Apple Is Making Its Own Chip for Smart Glasses Coming by 2027

May 9, 2025
Safaricom

Safaricom Breaks Barriers with $3B Milestone and Bold Ethiopia Play

May 9, 2025
Private Number calls

How to Handle Private Number Calls in Kenya

May 8, 2025
Kenya Power EV charging stations

Kenya Power Rolls Out 45 EV Charging Stations Across the Country

May 8, 2025
Bayobab

MTN’s Bayobab Connects Uganda and Kenya with New Fiber Route

May 8, 2025

Best devices

budget smartwatches 2025

Best Budget Smartwatches To Buy in Kenya 2025

February 13, 2025

Best Infinix Smartphones To Buy in Kenya 2024

February 13, 2025

Best Laptops for Battery Life in 2024

August 21, 2024

Best “Battery Warrior” Smartphones To Buy in 2024

August 22, 2024

Samsung QLED TVs Now Officially Certified for Real Quantum Dot Technology

May 9, 2025

Apple Is Making Its Own Chip for Smart Glasses Coming by 2027

May 9, 2025

Techweez is a fast growing influential source of technology news, reviews and analysis by leading tech geeks in the industry.

Follow Us

Editorials

Samsung QLED TVs Now Officially Certified for Real Quantum Dot Technology

Trump’s Tariffs Will Be the End of Affordable Tech

5 Ways to Prep Your Tech for Resale

The Weaponization of PDFs: How Cybercriminals Are Exploiting a Trusted Format

Introducing A Brainbox Quiz: Techweez’s Monthly Trivia Night!

5 Most Reliable Virtual Dollar Card Providers in Nigeria

More News

Starlink Is Expanding in Africa Through New Airtel Partnership

Android May 2025 Security Update Fixes Critical FreeType Zero-Click Vulnerability

Court Ruling Orders Worldcoin to Delete All Kenyan Biometric Records

Smartphone Market Recovers Slightly in Q1 2025 With Apple, Vivo Leading Gains

GTA 6 Trailer 2: Rockstar Confirms Release Date and Dual Protagonists

YouTube Now Lets Two People Share a Premium Plan

  • Terms Of Use
  • Techweez Brand
  • Privacy & Policy
  • Contact Us

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!

Hey there! Just a heads-up: we're big fans of cookies - both the digital and edible kind! 🍪 We use our cookies and some from third parties to ensure your browsing experience on our site is smooth sailing and secure.

 

But wait, there's more! We also use cookies to gather stats and insights on how you navigate our site. It's like getting a behind-the-scenes peek at your digital adventures!

 

Don't worry, you're in control. You can adjust your cookie settings anytime to suit your preferences. Feeling curious? Dive into our Privacy Policy for all the juicy details. Happy browsing! 🚀

Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
No Result
View All Result
  • News
  • Reviews
  • Features
  • Editorial
  • Automotive
  • Entertainment

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.