Saccos across the country will now share details of their members with the Credit Reference Bureau (CRB) after a Court of Appeal ruling.
The Court of Appeal on Friday, February 9, suspended a ruling the High Court delivered in September 2023 nullifying the Banking (Credit Reference Bureau) Regulations 2020.
A three-judge bench, Asike Makhandia, Mumbi Ngugi, and Mwaniki Gachoka, declared the ruling had been suspended pending a hearing and determination of an appeal filed by the Central Bank of Kenya (CBK).
“We accordingly allow the application and grant an order that the declaration issued by the High Court that the Banking (Credit Reference Bureau) Regulations 2020 are null and void for non-compliance with section 11 of the Statutory Instruments Act 2013 be and is hereby suspended pending the hearing and determination of the applicant’s appeal,” read part of the ruling.
CBK had appealed the High Court ruling arguing that if the regulations are nullified it would not be in a position to regulate CRBs and the financial system in the country as outlined in the Constitution.
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