2017-06-07

Banking Circular No. 3 of 2017 - Cost of Credit Website Portal

The Central Bank of Kenya (CBK) and the Kenya Bankers Association (KBA) have launched a 'cost of credit' website to provide detailed information on total cost of credit as required by the Prudential Guidelines on Consumer Protection - CBK/PG/22. This site features an Annual Percentage Rate (APR) loan calculator, repayment schedule (RS), and total cost of credit disclosures for personal secured loans, unsecured loans, and mortgages. Commercial banks must fully participate in the initiative, submitting and updating data on these three loan types quarterly or upon changes. KBA has developed a standard template for disclosing all total cost of credit information, with transparency seen as crucial to an effective banking system.

Kenya

Central Bank of Kenya

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