2019-02-28

Kenya Banking Sector Charter 2019

The Central Bank of Kenya (CBK) has issued the Banking Sector Charter to address concerns about the high cost of credit and poor customer service in the banking industry. The charter aims to increase access to affordable and appropriate banking services for the unbanked and underserved population in Kenya, enhance financial literacy, and ensure transparent and fair practices in the sector. Banks are required to develop and implement risk-based credit scoring techniques, improve data analytics, and disclose product terms and pricing. The CBK will monitor compliance with the charter and may impose penalties for non-compliance.

Kenya

Central Bank of Kenya

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