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Photo/courtesy Banks to pay a KSh2 Million Fine for each Kenyan Denied Loan In regard to their CRB Information CRB Latest News: Kenyan banks, microfinance institutions and saccos can pay up to Sh. 2 million for each borrower they deny a loan due to CRB listing. this is often consistent with new regulation by the National Treasury. According to a report that appeared within the Business Daily on Monday, the National Treasury has introduced the fine during a set of regulations that are aimed toward cleaning up the CRBs blacklist and enhancing borrowers’ chances of having the ability to borrow more . “Lenders can only reject a Credit application because of other factors beyond credit scores earned via CRB listing. they're going to be expected to tell borrowers by writing about the explanations behind the rejection of their application ,” says the report. It also quotes the National Treasury cabinet secretary Ukur Yatani as saying within the new CRB regulations” “An inst...

Eric Wakaria was doing some general cleaning in his humble abode, scouring every nook and cranny when he stumbled upon something that made his heart race. A bundle of old generation notes that are no longer in use. He did not immediately know what to do with the find but after some time he thought that maybe he needed to ask for advice from the Central Bank of Kenya (CBK), the lender of last resort. ".@CBKKenya please advice on what to with these old notes I found as I was decluttering my room, " Eric Wakaria wrote. Central Bank of Kenya responded by retweeting with a heartbreaking message to Mr Wakaria. "Sorry, we have no advice to give, " the CBK's retweet read. If he had hoped that the top financial institution would ask him to bring the notes so that they could be exchanged with the new notes, the message came as a gut to the punch. The institution that regulates the banking sector had given Kenyans time to return the old generation notes. It had...