Central Bank Introduces Real-Time Credit Reporting for Digital Lenders

The Central Bank of Kenya has launched a real-time credit reporting system that requires all licensed digital lenders to submit borrower data daily. Effective April 2024, the system prevents over-indebtedness by flagging customers with active loans across multiple platforms. Over 150 fintechs, including Tala, Branch, and Okash, are now integrated into the Credit Reference Bureau (CRB) API. The CBK says early results show a 28% drop in repeat borrowing and fewer defaults. Consumers can access their credit reports via USSD (*384*3#). The move strengthens Kenya’s financial inclusion framework while protecting vulnerable borrowers from predatory lending.