Editor's Review

The Central Bank of Kenya (CBK) has issued a notice to loan seekers and borrowers across the country.

The Central Bank of Kenya (CBK) has issued a notice to loan seekers and borrowers across the country, urging them to take part in a survey aimed at enhancing transparency within the banking sector. 

In a statement on Monday, July 7, CBK said the survey is part of efforts to revamp the Total Cost of Credit (TCC) website.

"The Central Bank of Kenya (CBK) in partnership with Kenya Bankers Association (KBA) developed and launched the Total Cost of Credit (TCC) Website in June 2017.

"The platform was developed to promote transparency in the banking sector and to help borrowers clearly understand the full cost of credit before taking out loans," the statement read.

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File image of CBK Headquarters in Nairobi

According to CBK, the TCC website has played a vital role in helping individuals and businesses compare loan products across different financial institutions. 

However, the regulator noted that the site has fallen behind in reflecting the evolving financial landscape.

"The TCC website has become an important tool for individuals and businesses seeking to compare loan products offered by different financial institutions.

"While the website has increased transparency for banking products, the website has not kept up with the evolving financial landscape hence prompting the need to revamp the platform," the statement added.

To address this, CBK is now conducting a survey to collect public input on the site's functionality and relevance.

The regulator is calling on customers of commercial banks, mortgage finance companies, microfinance banks and the general public to participate in the exercise.

"Following this need, CBK is conducting a survey to gauge customer experience with the website. The survey aims to assess its usability, identify areas of improvement, and enhance its role in promoting financial literacy and informed borrowing.

"CBK therefore, requests customers of commercial banks, mortgage finance companies and microfinance banks and the general public to complete the survey. The survey link can be accessed at the Total Cost of Credit Website Customer Experience Survey and should be completed by July 15, 2025," the statement concluded.