Central Bank of Kenya Governor Patrick Njoroge has barred several mobile-based lenders from using the CRB(Credit Reference Bureaus), denying them a critical tool in assessing the creditworthiness of a potential borrower.
Besides using unregulated mobile-based lenders in Kenya, CBK has also withdrawn the approvals granted to unregulated credit-only lenders as third party credit information providers to CRB.
This is ablow to hundreds of credit providers such as Tala and Branch, which had become household names with nearly every functional smartphone users in Kenya having a digital money lending app.
Some of the lists of mobile loan apps that have been barred from CRB services include:
- Lendi Mkopo
- Okoa Cash Loans
- Fuliza Branch
- i-Save Mobile
- Lion Cash