Regulatory Alerts2014-02-24
Banking Circular No 1 of 2014 - Rollout of Full File Credit Information Sharing
The Kenyan Central Bank has announced the implementation of a full file credit information sharing mechanism for institutions licensed under the Banking Act and the Microfinance Act. This will come into effect from February 28th, 2014. All Commercial Banks and Microfinance Banks shall be required to submit full file credit information to all licensed Credit Reference Bureaus (CRBs) not later than March 10th, 2014, with incremental data submitted on a monthly basis on or before the 10th day of each succeeding month. This mandatory requirement is based on recent amendments to the law and has been introduced to improve credit information sharing framework and enhance the robustness of the existing mechanism. Failure to comply will result in remedial action as specified under the Banking Act, Microfinance Act, and Credit Reference Bureau Regulations, 2013.