2017-06-07

Microfinance Banking Circular No. 2 of 2017 - Cost of Credit Website Portal

The Central Bank of Kenya has collaborated with the Kenya Bankers Association to develop a 'cost of credit' website initiative aimed at promoting transparency and full disclosure of credit information in the banking sector. This platform provides standardized information on the total cost of credit, including Annual Percentage Rate (APR), Repayment Schedule (RS), and Total Cost of Credit (TCC). The initiative will be gradually rolled out for various loan facilities, with microfinance banks being responsible for submitting accurate data on a quarterly basis. The success of the initiative depends heavily on the participation of all stakeholders in the banking industry, including chief executives and heads of credit of each institution.

Kenya

Central Bank of Kenya

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