Sunday, December 5, 2021

CRB to spare loan defaulters of less than Ksh 5 million

Kenyans who have defaulted their loans of below Ksh 5 million will be spared from CRB listing for one year.

The news was confirmed by President Uhuru Kenyatta who confirmed to have held a meeting with various stakeholders and National Treasury to suspend the listing to September 2022 to allow Kenyans rise from the effects of COVID-19 pandemic.

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Those who had already defaulted their loans below the set amount will not be incorporated in the new directive for one year.

President Uhuru Kenyatta noted that the move is meant to assist those in the private sector access funds as the government works to boost the economy following the effects of the pandemic.

Banks were also requested by the President to allow its customers restructure their loans as means to disburse credit and grow businesses in the country.

Last year between the months of April and October, the government suspended CRB listing for Kenyans with the Central Bank calling on banks to restructure their loans for a period of one year.

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