In the East African this week, Credit Reference Bureau (CRB) Kenya Country Manager Wachira Ndege, expects more bank’s to use expert evaluation before making lending decisions especially when advancing (unsecured) personal loans. He reveals that Barclays, NIC, Stanbic, KCB card, Fina, and Southern Credit use CRB services.
Also a CRB subsidiary, Collection Africa, is bidding alongside Transunion and Metropol to purchase the bad loan portfolio of National Bank of Kenya at a discount’s of 60%o. Collection Africa has been contracted by collect bad debts by Stanbic Kenya, Stanchart Tanzania and Barclays (in Kenya, Uganda, Tanzania, Botswana, Zamia and Ghana)
60% looks cheap by me..i mean most corps can squeeze 80% which translates to 80 cents a dollar.i think someone should have a look.Looking at the defaulters that were basically politicians.it was more than an unwillingness to pay not a direct unability to pay that was th eproblem.You squeeze these guys and their shambas and they will pay.
A good number of the loans were/ are ‘political’and chances of repayment low, also they are quite old
60 cents looks far too high for me. In the mid 80s the US Federal Reserve sold their bad debts (mainly House Loans)at 25 cents on the $. The Mexicans in early 1990s sold at around 15 cents. Third World debt via the Paris Club has been as low as 8 cents.
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This announces the entry into Kenya of Equidebt Collect, a debt collection and purchasing firm, specializing mostly in distressed bank debts.
Our site is http://equidebt.blogspot.com
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