Wednesday, February 17, 2010

CREDIT REFERENCE BUREAU (CRB Africa)

Pursuant to the "Credit Reference Bureau Regulations 2008" CBK has finally licensed the first credit reference bureau to offer banking sector credit information sharing services. Note that the licensee shares the same generic name with the regulations. CRB Africa has been existence in Kenya for a while and has a presence in several other African countries. The Company is aslo associated with Collection Africa, a debt collection firm.

The basic function of a credit bureau is to enable banks share information about borrowers for business decision making i.e. credit granting decisions. The bureau also keeps a credit history record of the borrower and can even assign a score related to the credit history.

Good credit scores can ease access to more credit which could be an opportunity for SMEs to access credit without the restrictive collateral requirements.

More on the subject will follow.

Welcoming you and myself back!

After a very very long hiatus, this blog is definitely back.

There have been some developments within the credit industry in Kenya and I seek to keep you updated and informed.