Financial sector players have called for credit information sharing reforms to improve loan pricing and transparency.
They said last week that the proposed reforms should include establishment of strong credit reporting systems, collateral registries, legal structures and a regulatory framework.
They spoke when they attended the fifth Africa Credit Information Sharing (CIS) conference in Nairobi.
CIS Kenya chief executive Jared Gatenga said current challenges include high cost of credit and bankruptcy. This, he said, has been mostly due to the mushrooming of online money lenders.
“A strong credit infrastructure will enable efficient and effective access to credit, financial stability, secure transaction and debt resolution,” said Mr Gatenga.
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