In his inaugural address, Ruto stated that his administration will collaborate with credit reference bureaus to develop a new system of credit score rating that will allow borrowers to manage their creditworthiness.
According to Ruto, the new framework will eliminate blacklisting and increase credit access for Kenyans who face high living costs.
President William Ruto’s proposal to revise the Credit Reference Bureau (CRB) framework, on the other hand, remains on hold, as Patrick Njoroge, governor of the Central Bank of Kenya (CBK), reaffirmed the importance of adhering to the country’s monetary policies.
The governor of the Central Bank of Kenya argued that the CRB data will keep the country afloat and help it weather recessions. As a result, he denied engaging in political expediency.
“The Central Bank will continue to operate under the same policies that it has always had, regardless of the new administration that has taken office. Effective central bankers base their decisions on facts rather than politics. You’ll notice that the Central Bank is acting similarly “Njoroge explained.
“With the shrinking space that we’ve seen in recent months, debt management needs to be taken much more seriously,” Njoroge added.