The Central Bank of Kenya has asked Kenyans to submit their views on how it could improve its regulatory framework, including the issuance of loans.
In a statement issued by the bank on Monday, CBK expressed concern that, despite launching the Total Cost of Credit (TCC) Website in June 2017, the intention has yet to be fully realised. The platform was developed to promote transparency in the banking sector and help borrowers clearly understand the full cost of credit before taking out loans.
The Central Bank of Kenya (CBK), in partnership with the Kenya Bankers Association (KBA), launched the TCC Website as a tool for individuals and businesses to compare loan products offered by different financial institutions.
Loan application form Photo Money254 However, despite the platform's initial impact, CBK noted that the site has not evolved in step with the changing financial landscape. The bank now believes a revamp is necessary to ensure it remains useful and relevant in the current credit environment.
