2016-08-11 | 190525037

Central Bank Circular No 3 of 2016 - Submission of Credit Information to Licensed Credit Reference Bureaus

The Central Bank of Kenya reminds financial institutions of their obligations to submit accurate credit information to licensed credit reference bureaus, highlighting the benefits of the credit information sharing mechanism for risk management and sector stability. Institutions must comply with the Credit Reference Bureau Regulations, 2013, specifically regarding data accuracy, customer notification, and permissible grounds for adverse customer listing, with enforcement actions for non-compliance. This circular aims to address issues like incomplete data submission, failure to advise customers of adverse listings, and inappropriate use of credit information for threats or blanket credit denials.

Kenya

Central Bank of Kenya

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