The Central Bank of Kenya (CBK) has formally authorised the CIS ValiData tool, an innovative credit data validation and submission solution invented by the Credit Information Sharing Association of Kenya (CIS Kenya).
This tool, revealed on Monday, is expected to transform how credit providers share data with accredited Credit Reference Bureaus (CRBs) across the country.
The CIS ValiData solution is intended to address persistent issues with data quality and compliance by allowing credit information providers to check their credit data for accuracy and completeness on premise before submitting it to CRBs.
The technology serves as a "data proof reader," allowing credit providers to evaluate their information on-premise before submission, establishing a new industry standard for data quality with an 80% threshold..
“The CIS ValiData tool directly addresses the industry's need for higher data quality and operational efficiency. By empowering institutions to validate data at the source, we are building a more reliable credit information sharing mechanism, which will, in turn, enhance access to finance and spur economic growth in line with Kenya’s Vision 2030.” Mr. Jared Getenga, CEO, CIS Kenya, said.
Industry leaders applauded the CBK's approval and the tool's potential to transform credit information exchange in Kenya.
Raimond Molenje, CEO of the Kenya Bankers Association, described it as a "game-changer for the credit market," adding: "By enhancing the quality and reliability of credit data, the ValiData tool will empower lenders to make more informed, risk-based decisions, which in turn will expand access to affordable credit for both individuals and MSMEs. This directly supports financial inclusion."
Speaking on behalf of the CRBs, Metropol CEO Gideon Kipyakwai remarked: By standardizing data quality at the point of submission, the tool will enhance the accuracy of credit scoring models and deliver more reliable reports for lenders, leading to a fairer and more transparent system for consumers.”
Share