Nairobi, Kenya: Last week, Central Bank of Kenya (CBK) licensed the first credit reference
bureau in the country, Credit Reference Bureau Africa Limited. This effectively sets in
motion a process that sets to revolutionise the banking credit information sharing platform.
The process was initiated roughly two years ago after the setting up of an implementation
project by CBK.

The Banking (Credit Reference Bureau) Regulations 2008 were published in July 2008 and
launched in September 2008. The regulations paved way for the licensing and surveillance of
Credit Reference Bureaus (CRBs) by the Central Bank of Kenya.

Undeniably, apart from South Africa most African countries’ information sharing initiatives
are still at rudimentary stage. South Africa has one of the best information sharing
platforms in the world.

Credit bureaus collect and collate personal information and financial data on individuals
from a variety of sources called data furnishers with which the bureaus have a relationship
with. So sources of data are diverse and include creditors, lenders, utilities, debt
collection agencies and the courts of law.

 

 

 

.