Kenya undertaking credit reforms
Kenya is pushing for credit reforms that will expand existing credit facilities to small and medium enterprises (SMEs). Speaking during the 5th Africa Credit Information Sharing (CIS) Conference in Nairobi, Central Bank Deputy Governor Sheila Mbijiwe noted that ease of access to credit and resolution of debt was key to financial inclusion. Among measures being taken by Kenya to include enactment of the Movable Property Security Rights Act, which expands collateral for loans beyond the traditional real estate. Under the Act, future assets such as crops, young animals as well as intellectual property can be registered as collateral for credit. Digital technologies such as precision farming are expected to aid in monitoring the assets.