| Updated Thu, January 26th 2017 at 00:00 GMT +3Default on loans touched record levels last year, prompting banks to adopt stringent lending conditions including mandatory credit information. According to the Central Bank’s financial statements, bank credit report requests jumped from three million in 2015 to six million, a 107 per cent jump, while micro-finance banks doubled from 176,619 to 294,813. “The credit information sharing mechanism remained a key input in the decision-making process of credit providers in Kenya as they sought to mitigate risks associated with information asymmetry,” Central Bank said. Kenya has three CRBs--- Trans Union, Metropol and Credit information that are licensed by the CBK. They allow Kenyans to make at least one request for their credit reports a year for free.

Source: Standard Digital January 25, 2017 19:35 UTC