ADVOKS GLOBAL · KENYA
The Banking (Credit Reference Bureau) Regulations
16. Use of agents
Edition: 2022-12-31 · In force
16. Use of agents
(1)A bureau may contract an agent for the following purposes —(a)delivery of credit reports to requesting persons in accordance with these Regulations;(b)sensitization of customers, institutions and other credit information providers;(c)receiving and channelling complaints; and(d)any other purpose as may be approved by the Central Bank on application by the bureau.(2)A bureau shall not contract an agent unless the proposed agent has been approved by the Central Bank:Provided that a person who has been approved by the Central Bank as an agent under the Banking Act or the Microfinance Act shall not need to be approved by the Central Bank for the purposes of rendering services under these Regulations but a bureau shall be required to obtain a letter of no objection from the Central Bank in respect of such an agent.(3)An application for approval of an agent shall be accompanied by a report on the suitability assessment of the proposed agent, the services to be rendered by the proposed agent and the application fees set out in the Third Schedule.(4)A bureau shall, at least two months before the end of each year, apply to the Central Bank for the renewal of the approval of its agents and shall submit a list of its agents whose approvals it wishes be renewed and the annual renewal fees for each agent set out in the Third Schedule.(5)A person is not qualified to be appointed as an agent of a bureau if that person —(a)is a minor or of unsound mind;(b)has been convicted of an offence involving theft, fraud, forgery, causing financial loss or perjury;(c)has not been vetted in such manner as may be prescribed by the Central Bank;(d)has been removed from any office on account of misconduct, abuse of office, corruption or incompetence in the preceding ten years; or(e)for such other reasons as may be prescribed in the Guidelines.(6)A bureau shall ensure that no agent has unlimited access to credit information in the possession or control of the bureau.(7)A bureau shall only grant an agent access to a customer's credit information upon the agent's lawful request or for the purposes of a lawful transaction under these Regulations.(8)A bureau shall conduct a suitability assessment on the capabilities of an agent and shall satisfy itself as to the —(a)existence of adequate infrastructure for the collection of information and delivery of credit reports by the agent;(b)ability of the agent to maintain the confidentiality of customer credit information; and(c)ability to conduct proper and sufficient due diligence and identity verification with respect to any person requesting customer credit information.(9)A bureau shall contract each agent on a non-exclusive basis.(10)The Central Bank may prescribe guidelines for the contracting and operations of agents.