The Central Bank of Kenya (CBK) has granted a license to Credit Reference Bureau Africa (CRBAfrica) in an effort to provide the banking sector with credit information sharing services. According to AllAfrica.com, CRB will be the first licensed credit bureau in Kenya.

Mr Wachira Ndege, Chief Executive Officer of CRBAfrica, said this would instill “a culture of financial discipline… since consumers know that they will be monitored. A debt will always be reflected on the account. That level of consciousness is very important to credit worthiness.”

Plans are currently under way to establish two additional credit bureaus, Metropol Credit Reference Bureau and Compuscan Limited.

By: Stefanie Rubin, Research Associate

About Credit Reference Bureau Africa (CRBAfrica):

Based in Nairobi, Kenya, CRBAfrica provides consultancy services and solutions to credit risk management. It covers 12 countries in Africa, providing services to banks, credit card companies, financial institutions, multinational commercial enterprises and commercial entities.

Additional Resources:

Source Article: AllAfrica.com: “Credit Bureaus Herald Era of Financial Discipline,” http://allafrica.com/stories/201002190704.html

Credit Reference Bureau Africa (CRBAfrica): http://www.crbafrica.com/crb/index.asp