The Central Bank of Kenya (CBK) and the Kenya Bankers Association (KBA) are pleased to announce the official launch of Cost of Credit website
Nairobi, 22nd JUNE 2017: The Central Bank of Kenya (CBK) and the Kenya Bankers Association (KBA) are pleased to announce the official launch of Cost of Credit website. The website provides information on fees and charges relating to loan products offered by commercial banks and microfinance banks; specifically, personal secured loans, personal unsecured loans and mortgage loans.
Key Features of the Cost of Credit Website
Consumers must note that the information provided on the website is intended to complement the information provided by banks licensed under the Banking Act and Microfinance Act, regarding their fees and charges on loan facilities. Consumers are therefore, expected to perform their own due diligence and should contact their respective banks for details prior to entering into any loan agreement.
CBK and KBA consider transparency to be a key element of an effective, safe and sound banking system. Thus, it is in the interest of CBK and KBA to continue collaborating on innovative initiatives that promote greater transparency and full disclosure of credit information to enable customers make informed credit decisions. We believe that the cost of credit website initiative will go a long way in promoting greater transparency and enhance competition in the banking sector.
The cost of credit website can be accessed through this link: http://www.costofcredit.co.ke