Nairobi 7th February 2020 – The Kenya Bankers Association interactive session #CEOchat kicked off today with an edifying dicusssion hosted by I&M Bank CEO and KBA Governing Council member Mr. Kihara Maina. Focused on “Factors that Influence Personal Credit Scores and Household Borrowing”, the discussion delved into ways prospective borrowers can enhance their access to bank credit.
Mr. Maina took participants through factors that influence a good credit score, underlining the important role of a good credit history in facilitating successful application for bank credit.
The CEO highlighted the banking industry’s commitment to facilitate further access to credit to MSMEs as a pathway to deepening financial inclusion.
“KBA is very keen to address the issue of access and affordability of credit. In partnership with the regulator, Central Bank, initiatives like the Banking Sector Charter look to harmonise efforts by all players in the industry in addressing this key question,” he said.
Mr. Maina added that various initiatives across the banking industry have been made to provide access to credit for segments that were constrained under the interest rate cap, particularly MSMEs.
“For example, the Stawi product that was launched by the President allows MSMEs to access affordable credit through digital channels”, he noted.
On collateralized borrowing, Mr. Kihara observed that the recent Movable Assets Act has allowed the use of many different types of access as collateral for borrowing, and opened up credit access for previously unserved markets.
Visit chat.kba.co.ke to see the chat transcript and to sign up for next Friday’s edition of #CEOchat with Standard Chartered Bank CEO Mr. Kariuki Ngari. Gulf Africa Bank Managing Director Mr. Abdulkhalik ia scheduled to host the chat on 21st February 2020.
