Banks, microfinance institutions and savings and credit cooperative societies (saccos) that refuse to lend to borrowers with a negative credit history will face financial sanctions of Ksh2 million ($16,666.66) as President William Ruto’s administration intensifies war against credit starvation in Kenya.
In addition, over four million digital loan defaulters will be expunged from the blacklist of borrowers in data collection agencies effective November 1, marking the beginning of a major shakeup in the operations of the country’ s Credit Reference Bureaus (CRBs).
