CBK expands list of third-party CRB data providers
The Central Bank of Kenya (CBK) has expanded the list of third-party credit information providers to nearly 2000 entities as part of its role to bolster databases available to credit reference bureaus (CRBs).
In a statement published on its website, the CBK says it has approved 1,994 third party credit information providers with whom CRBs can partner with.
The list includes 1,327 non-deposit taking savings and credit cooperatives (SACCOs), 600 trading companies, 50 insurance providers & brokers, six development finance institutions and six self help groups.
Others are three parastatals which include the National Housing Corporation (NHC) and the Higher Education Loans Board (HELB), one learning institution (Kenyatta University) and a single community based organisation.
This means that any one of the 1,994 entities can provide information on borrowers to guide CRBs on determining their credit worthiness.
The third party credit information providers serve to complement information provided by mandatory CRB subscribers who include commercial banks, micro-finance banks and deposit taking SACCOs.
The approval of the third party credit information providers is guided by the 2020 Credit Reference Bureau Regulations.
Kenya has three CRBs including Metropol, Creditinfo and Credit Reference Bureau Africa which trades as TransUnion.