Monday 27th October, 2014: The Association of Kenya Credit Providers (AKCP) launched its five-year strategic plan for the period 2015 – 2019 at a colourful function addressed by the CBK Governor Prof Njuguna Ndung’u. The AKCP was set up in 2013 to spearhead a more comprehensive credit information sharing environment in Kenya with the aim of creating more affordable credit.
Before inviting the CBK Governor to give the keynote address, AKCP’s CEO Jared Getenga shared highlights from the strategic plan, which had the tagline – “towards a more open credit market.” Jared indicated that AKCP planned to have 121 credit providers registered as members of the association in the first year of the strategy. “We aim to increase uptake of credit reports by borrowers and lenders to 50,000 per month in 2015. Key values that will drive this strategy include integrity and fairness,” he said.
In his keynote address, Prof Njuguna emphasised the importance of credit information sharing in the financial markets. “Credit information sharing provides an objective platform to assess the credit worthiness of borrowers,” he said. He noted the improving financial sector growth but private sector lending still remains at 40% or 6 million borrowers. However, the CBK Governor praised the introduction of full file credit reporting which is improving credit scoring and assessing risk profiles in the market.
The AKCP will have three types of membership ranging from KSh 50,000 to KSh 200,000 depending on the loan portfolio of the credit provider. Following the official launch ceremony, the Kenya Bankers Association (KBA) presented a membership cheque through CEO Habil Olaka, calling on other credit providers to come on board.