Loans & Credit – PesaKit

PesaKit Recognized in CIO100 Awards 2021

Dominion Silas — Tue, 14 Dec 2021 13:49:22 +0000

CIO Africa Commercial Director, Aliza Lyttle with PesaKit Communications Manager, Dominion Silas (L) & Head of Customer Success, Tracy Mulei (R)

PesaKit has been recognized as one of the top 100 companies in Africa using technology to improve the user experience of its customers who are mobile money agents using its mobile app.

The 13th edition of the CIO100 Awards was hosted at the Sarova Whitesands Beach Resort in Mombasa on 19 and 20 November 2021. This year’s entrants boasted of industry leaders in technology, education, banking, public sector, health, SACCOs, transport, women in Tech leadership, manufacturing, hospitality, biggest adopter of technology and insurance.

The CIO100 Awards recognizes companies, startups and organizations that show innovation and leadership in their application of technology in different sectors.

The big winner of the night in the technology partner category PesaKit was nominated for was telecoms giant Safaricom PLC.

At PesaKit, we continue designing new products in the PesaKit mobile app that empower mobile money agents and MSMEs to increase their revenue streams and be efficient providers of financial services in their communities. Until next year’s awards & symposium, thank you CIO Africa!

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7 Reasons Why You Should Check Your CRB Listing Often!

Chris Kirimi — Thu, 29 Jul 2021 11:49:56 +0000

Credit Reference Bureaus (CRBs), are institutions which collect credit information about borrowers who may be businesses or individuals. By observing the repayment of past and current borrowed loans, they gauge business’ and individuals’ credit standing and worthiness.

A CRB listing can either be positive meaning one is repaying their loans on time or negative where an individual is defaulting. The ultimate negative listing is a ‘blacklisting’, this is given when CRBs deem one a high risk and advise financial institutions against providing the blacklisted lender with any credit. This is as a result of assessing the individual’s credit report containing their credit history and activity.

So why should you check your CRB listing often?

Reviewing your credit report regularly allows you to catch and correct potentially damaging personal and financial information resulting from identity theft, errors, or outdated entries. Resolving mistakes early avoids problems when you apply for a loan or for a job at a potential employer.
Clearing up negative credit report information will improve your credit score. This would increase a lender’s confidence that you repay on time and thus may help you qualify for loans of lower interest rates and longer repayment periods.
Know what lenders may see. If you’re planning to borrow a large amount of loan or an emergency loan, checking your credit report can give you an idea of what lenders may see when you apply for credit. If your report contains errors, it may affect your credit and take long to correct. You don’t want to delay resolving these issues, especially when applying for emergency loans.
Your credit may be affected by others’ mistakes. Even if you pay your loans on time, the human factor in some of the lenders’ application process may lead to data errors that could hurt your loan application and you may not realize it. Additionally, if you are the custodian or a cosigner of your child’s bank account or a mobile money account and they are late on repayments, your account may take a hit. Knowing where the error is helps resolve it quickly and rebuild your own credit.
Checking your credit report serves as a reminder to monitor things in your financial accounts that might usually escape your notice, such as paying for medical bills that are supposed to be covered by insurance companies.
You will enjoy a lower cost of borrowing by being proactive about your credit. Good credit scores could potentially save you a lot in interest payments. This way, if you apply for a loan, you won’t have to scramble at the last minute to dispute errors with a risk of being charged higher interests by the lender.
If you have poor credit, reviewing your credit reports can help you figure out how to rebuild it. Instead of guessing where you’re going wrong, you’ll be able to see which accounts are lowering your score and work on them.

Now that you know how important it is to check your CRB listing regularly, when was the last time you performed a check? Download the PesaKit app now and get to know if you have been blacklisted by CRB!

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How do I know If I have been blacklisted on CRB using PesaKit?

Chris Kirimi — Tue, 22 Jun 2021 06:10:37 +0000

A Credit Reference Bureau (CRB) is a company licensed by the Central Bank of Kenya to collect and store credit information on borrowers who may either be individuals or companies.

You can either be positively listed or blacklisted on the CRB. Being positively listed on the CRB means that you have paid all your loans on time. When you are blacklisted on CRB, it means you have previously defaulted on a loan.

Check your CRB Listing Status Easy and Fast on PesaKit in a few easy steps!

Step One: Download the PesaKit app from the play store if you haven’t downloaded yet and register.

https://play.google.com/store/apps/details?id=com.pesakit.logic.pesakit&hl=en&gl=US

Step Two: Open the PesaKit App and login

Step Three: Deposit for free using our paybill number: 802499 and use your phone number as the Account Number.

Step Four: Select ‘CRB Check’

Step Five: Select ‘CRB Listing Status’

Step Six: Enter your customer’s phone number

Step Seven: Enter your customer’s ID number

Step Eight: Enter your PesaKit account secret PIN

Step Nine: Finally, Press Check Now.

Step Ten: You will receive an SMS indicating your CRB Status

Check whether you have been blacklisted on CRB EASY and FAST using PesaKit!

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How do Credit Reference Bureaus (CRBs) work in Kenya?

Chris Kirimi — Mon, 14 Jun 2021 13:32:48 +0000

A Credit Reference Bureau (CRB) is an institution that collects credit information or credit data on borrowers who may either be businesses or individuals from lenders. In Kenya, CRBs are regulated by the Central Bank of Kenya.

What is Credit Information?

Credit information is either positive or negative information on a business or an Individual’s credit standing, credit worthiness, general reputation or character depending on whether they have previously defaulted on loan or not.

Positive listing in a CRB means that borrowed loans have been repaid consistently and on time. A positive listing will improve your chances of accessing loans from a lender.

A negative listing or being blacklisted in the CRB means that a borrower has previously defaulted on loans before. It means that you are a high risk borrower, and a loan provider needs to be more careful when lending to you. A lender may also apply tougher lending conditions including higher interest rates in case of default.

Other credit information that may lead to a negative listing the CRB includes:

Fraudulent account activities;
Accounts that have been closed for other purposes other than administrative reasons;
Bounced cheques;
Repayment information including days in arrears.

So where do CRBs get their information from?

Some of the financial institutions that CRBs get their credit from include:

SACCOs;
Banks;
Microfinance Institutions (MFIs)

CRBs uses this data to build a credit history on businesses and individuals, then share to individual consumers and lending institutions.

Financial institutions such as banks, SACCOs and Microfinance Institutions use credit information obtained from CRBs to assess the likelihood of a borrower to default on a loan, the amount of loan to give out and sometimes the interest rates they should charge a customer.

To get to know whether you have been blacklisted on CRB download the PesaKit App to check your CRB Listing Status Today!

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