ADVOKS GLOBAL · KENYA
The Banking (Credit Reference Bureau) Regulations
5. Review of application
Edition: 2022-12-31 · In force
5. Review of application
(1)On receipt of an application under regulation (4), the Central Bank shall, within fourteen days from the date of receipt of the application, review the application and notify the applicant, where necessary, of any missing information which the applicant ought to have provided.(2)When reviewing an application under paragraph (1), the Central Bank shall take into consideration all relevant matters including —(a)the background, reputation, integrity, experience and capacity of the proposed significant shareholders, directors and senior officers of the applicant;(b)the business plan of the applicant, including plans to undertake national coverage, the applicant's roll-out plan and a mechanism to integrate, gather, input, update and validate data;(c)the design of data collection for customer information and flexibility in structuring the information;(d)the adequacy of the applicant's capital structure;(e)the availability of human, financial and operational resources necessary for the effective and efficient conduct of bureau business;(f)the existence of adequate infrastructure for the collection of information and preparation of credit reports;(g)the ability of the applicant to maintain the confidentiality of customer information; and(h)the applicant's ability to conduct effective due diligence and identity verification on any person seeking credit information from the applicant.