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Nairobi; Kenya: Thousands of loan defaulters could from next month fail to secure loans from any financial institution.
This is after Savings and Credit Co-operatives (Saccos) joined banks to blacklist loan defaulters who face the risk of being blacklisted by other lenders in future. Last week alone, tens of Saccos put notices in the local dailies warning their members and mainly those with outstanding loans to clear or enter into acceptable repayment plans failure to which their names will be submitted to Credit Reference Bureaus (CRBs).
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