Commercial banks and other lending institutions will be resuming listing loan defaulters effective Thursday with Credit Reference Bureaus (CRB) as the moratorium on listing ends.
Central Bank of Kenya (CBK) Governor Patrick Njoroge ruled out a further extension to the moratorium introduced in March as part of measures to cushion borrowers from adverse economic effects of the pandemic.
The CBK has challenged borrowers in distress to move in earnest to resolve their loan payments including updating redemptions or seeking out reprieve as the window given to banks to restructure loans remains open to March 2021.
“From October 1, the banks will begin looking at borrowers and accessing how they are doing on payments. If you have not paid your loans, you have about three months to regularize your payments,” Dr. Njoroge said.