Top 20 Mobile Loan Apps Banned From Accessing CRB Services

The Central Bank of Kenya (CBK) announced new regulations concerning information submitted to Credit Reference Bureaus (CRBs) in what has been hailed by Kenyans as one of the wisest moves from the regulator.

In the new directive by CBK, no Kenyan will be blacklisted on the CRB for defaulting less than 1,000 shillings and that all those listed for defaulted below 1,000 shillings should be delisted with immediate effect.

The announcement by CBK came after the number of Kenyans blacklisted on CRB hit 3.2 million with more than 500,000 having been blacklisted for defaulting less than 200 shillings.

Another great milestone was the move by CBK to burn unregulated mobile loan apps from submitting information of their defaulters to CRBs. This means that the apps will no longer have powers to have someone blacklisted for defaulting on their loans.

Here are 20 mobile loan apps that are among those banned by CBK from sharing information with CRBs:

1. Brach
2. Zenka
3. Tala
4. Opesa
5. Okash
6. Okolea
7. LionCash
8. Fuliza Branch
9. Stawika
10. Saida
11. Hela Pesa
12. Lendi Mkopo
13. Africa Loans
14. Eazzy Loans
15. Kopa Jirani
16. MB-Cash
17. iPesa
18. Okoa Cash Loans
19. Mshiko Chap
20. PesaFlash

READ: No More Being Blacklisted On CRB For Those Owing Less Than Ksh 1,000

Kenya has more than 500 mobile loan lenders and more than 70 mobile loan apps that have been giving to Kenyans micro-loans from as little as 50 shillings to as much as 150,000 shillings.

90 percent of people who are blacklisted on the CRB in Kenya have defaulted mobile loan apps and the move by CBK is going to let at least 2,000,000 of them off the hook. This, however, means massive losses for the mobile loan apps whose loans had been defaulted.

Mobile loan apps have also been using CRB as the only tool to threaten those who delay or default on the payment of their loans. The move, therefore, is likely to push most mobile loan providers out of business for fear of making massive losses as a result of widespread defaulting.

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