President William Ruto and Deputy Rigathi Gachagua photo

President William Ruto said that by November 1, at least four million Kenyans who were on blacklists by credit reference bureaus (CRBs) would be taken off those lists.

At a press conference on September 28, 2022, in Nairobi, President Ruto said that CRB listing should not be as "an all-or-nothing event," but a tool to promote financial discipline.

"I'm thrilled that by the first week of November, four to five million Kenyans will be off the CRB blacklists. This is crucial because these Kenyans have been left at the mercy of swindlers who abuse them and are not eligible for any legal borrowing, "said President Ruto.

"I want to state unequivocally that the administration supports credit reporting. To promote financial discipline in our banking sector, we support CRBs, but we don't want credit listing to be an all-or-nothing engagement, "he added.

President Ruto spoke at an event hosted by Safaricom, NCBA, and KCB Bank, where the daily interest rates for the Fuliza overdraft facility were cut by 50%.

"I love the fact that we are discussing hustlers today. Your clients, those who are unable to attend the negotiation table, have given me, " President Ruto informed the businesses.

The head of state told bankers that they should focus more on getting their customers to save than on getting them to borrow.

"Savings are necessary for borrowing since you cannot borrow what you do not have. We are becoming debt slaves to our lenders since we have been borrowing repeatedly from other people's money, " he clarified.

Data from Metropol, one of the three licensed CRBs, shows that in 2021 there were 14 million loan accounts that were adversely listed with CRBs, up from 9.6 million in August 2020.

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