President Uhuru Kenyatta has on Wednesday October 20, 2021 ordered that borrowers with loans of less than Ksh5,000,000 not to be listed by the Credit Reference Bureau (CRB) for the next 12 months until the end of September 2022.
Uhuru, who was speaking at the Mashujaa Day celebrations at the Wanguru stadium in Kirinyaga county, directed the relevant authorities to effect a moratorium of listing for a period of one year.
"The relevant authorities will, for loans less than KSh.5
million, effect a moratorium of listing in CRBs for a
period of 12 months to end September 2022.
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"Borrowers with loans below KSh5 million listed with CRBs from October 2020 to date will not have that listing incorporated in their credit reports for the next 12 months, ending September 2022," he said.
The President's order was among a raft of measures that he posits will see the country heal from the ravages of the Covid-19 pandemic.
The Head of State enumerated key interventions that will smoothen credit processes for Kenyans and MSMEs.
He stated that in addition to the earlier order in April 2020, that saw the suspension of listing of borrowers by the Credit Reference
Bureaus (CRBs), the National Treasury will effect the aforementioned measures to cushion Kenyans and MSMEs further.
"I order the National Treasury, in consultation
with all stakeholders, to secure the additional measures to provide further space to the recovery of MSMEs," he added.
