CBK Slashes CRB Clearance by 50% For Loan Defaulters

Loan defaulters can now clear their CRB at a 50% discount after the Central Bank of Kenya announced a Credit Repair Framework.

The notice indicated that the framework will cover loans with a repayment period of 30 days or less and was offered by these institutions through mobile phones.

“It is anticipated that the Framework will enable over 4.2 million mobile phone digital borrowers, adversely listed with CRBs, to repair their credit standing.

“Through the Framework, the institutions will provide a discount of at least fifty percent of the non-performing mobile phone digital loans outstanding as of the end of October 2022, and update the borrower’s credit standing from non-performing to performing.