Legal Alert: The Draft Credit Reference Bureau Regulations 2019
As early as 2014, the regional Central Banks had begun undertaking harmonization of their legal and regulatory frameworks as part of preparations for the envisaged East African monetary union set to be achieved by 2024. In line with this, Kenya has initiated a reform of its Credit Reference Bureau Regulations.
The Central Bank of Kenya (herein “CBK”) recently released a draft of the Credit Reference Bureau Regulations 2019. These regulations are a double-edged sword as they tighten the noose on all ends; for the credit bureaus, third party credit information providers as well as the customers. The depth of the changes is discussed in the legal alert, download the full version below.