{"id":15255,"date":"2020-10-01T20:04:51","date_gmt":"2020-10-01T20:04:51","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=15255"},"modified":"2020-10-01T20:04:51","modified_gmt":"2020-10-01T20:04:51","slug":"blacklisting-of-loan-defaulters-resumes","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/blacklisting-of-loan-defaulters-resumes","title":{"rendered":"Blacklisting of loan defaulters resumes"},"content":{"rendered":"

Author: SARA OKUORO<\/strong>
\nAfricaPress-Kenya:<\/strong> The Central Bank of Kenya (CBK)\u00a0has ended a six-month freeze on the listing of loan defaulters and directed financial institutions to start sharing the information with\u00a0Credit Reference Bureaus (CRBs).<\/p>\n

After the virus struck, most borrowers were given an extension of between six months and one year in a deal struck with the regulator to help them weather the Covid-19 storm – in terms of offering them some breathing space in loan repayment.<\/p>\n

CBK issued a six-month suspension of the listing of negative credit information with CRBs for borrowers whose loans were performing previously and became non-performing after April 1, 2020.<\/p>\n

The suspension however did not apply to loans that were non-performing before April 1, for which regular procedures continued to apply.<\/p>\n

The suspension ended on September 30, 2020, effecting the application of standing procedures for risk classification of loans with respect to their performance and subsequent\u00a0listing with CRBs.<\/p>\n

From October 1, financial institutions will\u00a0assess the performance of all loans\u00a0that were performing before April 1. For those loans that went into arrears after that date, the period for determining their performance begins on October 1, 2020.<\/p>\n

“If a loan is in arrears after 60 days from October 1, a financial institution will in accordance with the existing procedures, give the borrower notice of the intention to list them with the CRBs. If the loan has not been regularised after the 30-day notice period, the financial institution will then list the non-performing loan with the CRBs,\u201d said CBK in a statement to the press.<\/p>\n

Borrowers whose loans were performing before April 1 and went into arrears, will have until December 31, 2020, in accordance with existing procedures to\u00a0regularise their loans before they are listed with the CRBs.<\/p>\n

“Borrowers are always required to fully service their loan obligations on a timely basis and\u00a0engage their lender in case of any concerns,\u201d added CBK.<\/p>\n","protected":false},"excerpt":{"rendered":"

Author: SARA OKUORO AfricaPress-Kenya: The Central Bank of Kenya (CBK)\u00a0has ended a six-month freeze on the listing of loan defaulters and directed financial institutions to start sharing the information with\u00a0Credit Reference Bureaus (CRBs). After the virus struck, most borrowers were given an extension of between six months and one year in a deal struck with […]<\/p>\n","protected":false},"author":84,"featured_media":15247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[1155,939,2763,1839,5892,5893],"class_list":["post-15255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-cbk","tag-coronavirus","tag-covid-19-pandemic","tag-crb","tag-defaulters","tag-loan"],"yoast_head":"\nBlacklisting of loan defaulters resumes - kenya<\/title>\n<meta name=\"description\" content=\"The Central Bank of Kenya (CBK)\u00a0has ended a six-month freeze on the listing of loan defaulters and directed financial institutions to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/blacklisting-of-loan-defaulters-resumes\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blacklisting of loan defaulters resumes\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Kenya (CBK)\u00a0has ended a six-month freeze on the listing of loan defaulters and directed financial institutions to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/blacklisting-of-loan-defaulters-resumes\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-01T20:04:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/10\/blacklisting_of_loan5f75c2ecb350b.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"588\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/blacklisting-of-loan-defaulters-resumes#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/blacklisting-of-loan-defaulters-resumes\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Blacklisting of loan defaulters resumes\",\"datePublished\":\"2020-10-01T20:04:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/blacklisting-of-loan-defaulters-resumes\"},\"wordCount\":311,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/blacklisting-of-loan-defaulters-resumes#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/10\/blacklisting_of_loan5f75c2ecb350b.jpg\",\"keywords\":[\"CBK\",\"Coronavirus\",\"Covid-19 pandemic\",\"CRB\",\"defaulters\",\"Loan\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/blacklisting-of-loan-defaulters-resumes#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/blacklisting-of-loan-defaulters-resumes\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/blacklisting-of-loan-defaulters-resumes\",\"name\":\"Blacklisting of loan defaulters resumes - 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