The Central Bank of Kenya (CBK) has called on all borrowers and loan applicants to participate in a national survey in a bid to promote transparency in the banking industry.
In the announcement issued on Monday, July 7, CBK indicated that the survey was an overall plan to improve 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 statement read. “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.”
According to the Central Bank of Kenya (CBK), the Total Cost of Credit (TCC) website has remained a vital tool in helping individuals and businesses compare loan offerings by various financial institutions. However, the regulator noted that the platform no longer reflects the fast-changing dynamics within Kenya’s financial sector.
“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,”CBK noted.
To address this gap, the CBK has launched a national public survey to obtain views on how to make the website more functional and useful.
The bank is inviting commercial bank customers, mortgage finance institutions, microfinance banks, and the general public to take part in the survey. The feedback will be utilized to assess user experience, identify areas of improvement, and improve the site’s capacity to facilitate 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,” CBK concluded.
