Kenya’s financial institutions have been urged to adopt emerging technologies such as artificial intelligence (AI) and modern credit scoring systems to strengthen lending processes and widen access to credit as the country’s financial sector undergoes rapid transformation.
The call was made during a financial sector engagement forum held in the North Rift region on May 21, 2026, bringing together lenders, savings and credit cooperatives (SACCOs), digital credit providers, and business leaders. Discussions focused on how AI‑powered solutions and advanced credit scoring mechanisms can improve credit appraisal, customer engagement, and financial inclusion.
Stakeholders noted that approximately 26 million Kenyans now have credit profiles within the Credit Reference Bureau (CRB) system, marking a shift from the traditional notion of “blacklisting” borrowers toward a more inclusive credit rating framework.
“We no longer talk about blacklisting. We are now in the age of credit scores and credit ratings,” said Gideon Kipyakwai, Chief Executive Officer of CRB. “Borrowers can now use their credit profiles and scores to access financing opportunities.”
Kipyakwai highlighted Kenya’s position among the top five countries globally in financial inclusion, attributing the progress to CRBs, mobile money innovations, and lending APIs that have expanded access to financial services. Data presented at the forum showed that an additional seven million borrowers have joined the credit ecosystem since the COVID‑19 pandemic, with 3.7 million added in the last year alone through digital credit providers.
Stakeholders credited recent regulatory reforms, particularly those governing digital credit providers, for strengthening access to affordable credit. Officials clarified that credit scoring is conducted exclusively by CRBs, not lenders, and borrowers can check their scores through the *433# USSD service, with ratings determined by data submitted to licensed bureaus.
ALSO READ:
Bankers Association warns Finance Bill 2026 taxes could undermine digital payments
Concerns about unregulated lenders sharing customer information were addressed, with officials noting that in 2020 the Central Bank of Kenya removed unlicensed lenders from the system and required them to seek approval. Currently, 227 digital credit providers have been accredited, meaning only institutions meeting strict data quality standards can share borrower information with CRBs.
Victor Kipragat, CEO of Spin Mobile, emphasized the growing role of technology in reshaping financial services, citing AI, alternative data, and embedded finance as innovations transforming how institutions assess borrowers and deliver products. Participants observed that financial systems and credit scoring frameworks continue to evolve, driven by technological innovation and changing consumer needs.
The forum also explored how digital technologies can improve lending decisions, customer outreach, and operational efficiency. Albert Serem, Vice President of the Kenya National Chamber of Commerce, urged entrepreneurs to formalize their businesses by opening bank accounts, registering business names, and adopting proper banking channels. “This will make credit scoring easier and help lenders track business records more effectively,” he said.
Stakeholders expressed optimism that continued collaboration between regulators, financial institutions, and technology providers would further strengthen Kenya’s financial ecosystem and enhance access to credit for individuals and businesses.
By Masaki Enock
Get more stories from our website: Sacco Review.
For comments and clarifications, write to: Saccoreview@
Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely updates
Stay ahead of the pack! Grab the latest Sacco Review newspaper!
