Metropol Credit Reference Bureau (CRB) Limited has compiled credit data on over 21 million Kenyans and 800 businesses, with 14 million identified as active borrowers. This represents a significant surge in the number of individuals and businesses listed with the CRB, which increased from 12 million to the current 21 million during the COVID-19 pandemic in mid-2020.
According to Edna Mulwa, the Chief Data Officer at Metropol CRB, the data collected from 2,500 institutions has allowed lenders to tailor credit products based on borrowers' risk profiles. Mulwa also revealed that the organization has automated its system to speed up the removal of individuals from the CRB list once they settle their debts with Saccos or banks, achieving a near real-time turnaround.
"The official timeframe for removing the names of borrowers who have cleared their payments is 48 hours, but Metropol does it almost instantly," she stated.
During a two-day workshop held in Nakuru with finance organizations in the South Rift Region, Metropol CRB shared insights and data specific to the region, covering loan performance, individual credit behavior, CRB regulations, data privacy, and default trends. The meeting was attended by senior Nakuru County Government officers, Sacco heads, branch bank managers, and officials from the Kenya National Chamber of Commerce and Industry.
Gideon Kipyakwai, the Metropol CRB Chief Executive Officer, highlighted how the organization's database can enhance lending services. "A financial institution can always refer to Metropol CRB's database to assess borrower ratings, and this information can be used to guarantee loans for borrowers," he explained.
Kipyakwai also noted that the threshold for listing borrowers with CRB was revised in 2020 and set at Kes. 1,000 and above, addressing concerns about individuals being listed for debts as low as seven shillings. He clarified that Metropol CRB has evolved into a comprehensive credit profiling entity aimed at empowering more borrowers to access financing on favorable terms.
The expansion of Metropol CRB's credit data and the organization's efforts to enhance transparency and efficiency in the credit reporting system reflect the growing importance of credit information in Kenya's financial landscape. By providing lenders with detailed borrower profiles, Metropol CRB aims to facilitate more informed lending decisions and improve access to credit for Kenyan individuals and businesses.
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