In the recent past, Kenyans have suffered the negative effects of being listed on the credit reference bureau even for kshs 1000 or less in loan default. This denied youths chances for employment and loan facilities.
However, borrowers defaulting on loans of less than Sh5 million will not be blacklisted at the credit reference bureaus (CRBs) while those already blacklisted will be dropped in a bid to cushion businesses recovering from Covid-19 hardships.
President Uhuru Kenyatta Wednesday announced the suspension of CRB listing for loans that were defaulted from last October and the relief from blacklisting will last to September 2022
The CRB listing relief is part of a stimulus package to cushion distressed businesses and families from the effects of the Covid-19 pandemic, which have hit consumer demand and forced businesses to shed jobs and cut back their operations.
Borrowers reported to one of Kenya’s three credit bureaux, got their chances of being able to borrow more.
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