In what happens to be a relief to Kenyans with loans, the Central Bank of Kenya ordered various banks and loaning institutions to seek its approval before declaring dividends on its current financial status, which has made them spare customers with unpaid loans across the country in which according to a report by some media.
KCB bank that partnered with Mpesa to provide Kenyans with the KCB-Mpesa loans is among the companies that have been forced to put aside some money to clear the debts as for the Loan defaulters, they have a reason to smile as over 7 banks put aside Ksh 31Billion that will be used to ease the burden on Kenyans with loans which is an absolute joy to thousands of Kenya who had already been listed with CRB due to failure of paying loans from various authorities.
This is after Kenya Revenue Authority (KRA), announced that it has suspended all listing from Credit Reference Bureau (CRB). They have outlined all suspended activities in line with the president directives a few days ago.” taxes play a fundamental role in Kenya’s sovereignty.
We significantly fund our national budget through taxes”.said the authority.
Lowering of central Bank Rate (CBR) to 7.2%, Lowering of cash Reserve Ration (CRR) to 4.2% and the authority has therefore asked Kenyans to pay taxes as required by law.
“Therefore, we encourage all taxpayers to continue paying all taxes due to support the government in the provision of critical services. The taxpayers are required to determine correctly their tax liability and remit the same in a timely manner.”The authority added.
In Kenya, the law permits lenders across the country to submit names of individuals with non-performing loans [NPL] to the credit reference bureau [CRB] for blacklisting and to make sure that no other lender will accept to lend to that particular individual as there are three licensed CRBs companies in Kenya;
Transunion, Metropol, and Creditinfo. Before you can access or know your CRB status, one is needed to register with either one of the recommended CRB licensed companies.