The flame was kindled by the negligent contracting of mortgage loans, via risky constructions and poor documentation. The popularity of financial innovations generated an opaque pyramid of financial risks that became steadily more unstable. … and insufficient buffers 3.
Ladies and Gentlemen: CBK believes that the banking sector credit information sharing initiative should serve as a model for other credit and utilities providers. CBK will engage other players to ensure that we move with speed to rope in other financial and non financial credit providers. To this end the Microfinance Act was amended vide the Finance Act, 2009 to permit credit information sharing.