CRB prevents risky borrowers from accessing K657m

Credit Reference Bureau (CRB) has prevented commercial banks from giving out loans amounting to K657 million to risky borrowers, a report has shown.

According to the report covering six months to January 2017, about K70 million, which was almost written off, has been recovered as borrowers were asked to make good of outstanding obligations before accessing additional credit.

On the other hand, an equivalent of K97 million has been negotiated and restructured with the lenders while obligations worth K5 million have been cleaned up by checking the records during the period under review.

Reads the report in part: “We anticipate to give the report with micro finance institution’s inclusion in our next report. We also hope the trends will go up as more institutions have started appreciating the existence of a credit bureau.”