The Central Bank of Kenya ordered banks and loaning institutions to seek it’s approval before declaring dividends on their current financial status, this has made the banks spare customers with unpaid loans across the country.
KCB bank though the KCB-Mpesa loans service is among the institutions that have been forced to put aside some Money to clear the debts for the Loan defaulters.
Over 7 banks have put aside Ksh 31 billion that will be used to ease the burden of the pandemic on Kenyans through loans
This is after Kenya Revenue Authority (KRA),announced that it had 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 Kenyan’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 encouraging all taxepayers to continue paying all taxes due to support the goverment in provision of critical services.The taxepayers 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 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.
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