NAIROBI, Kenya, Sept 12 — The Central Bank of Kenya (CBK) has approved a new tool to streamline the way financial institutions share credit information with Credit Reference Bureaus (CRBs).
The system, known as CIS ValiData, was developed by the Credit Information Sharing Association of Kenya (CIS Kenya) to address longstanding challenges of inaccurate or incomplete data being supplied to CRBs.
With the tool, banks, microfinance institutions, and other lenders will be able to validate financial and credit data within their own systems before submitting it for industry-wide use. This is expected to improve data quality, reduce errors, and strengthen compliance.
CIS ValiData has been in development since 2013, evolving from an initial central data hub to an on-premise solution. Its rollout was supported by funding from the Bill & Melinda Gates Foundation through FSD Kenya.
Industry players say the system could boost financial inclusion by helping lenders make more informed risk-based decisions and expand access to affordable credit for individuals and small businesses.
