CBK Launches Survey to Revamp Total Cost of Credit Platform Amid New Lending Reforms
The Central Bank of Kenya (CBK) has launched a national survey aimed at revamping its Total Cost of Credit (TCC) platform, in a move designed to enhance transparency, usability, and consumer empowerment in the country’s credit market.
The survey, open to all Kenyans until July 15, 2025, seeks feedback on the current functionality of the TCC website, which was first introduced in 2017 to help borrowers compare the full cost of loans across banks, microfinance institutions, and mortgage lenders.
This initiative comes at a time when the CBK has implemented new lending guidelines that require financial institutions to adopt risk-based pricing models. Under the revised system, loan interest rates are pegged to the Central Bank Rate (CBR) plus a margin determined by the lender, based on the borrower’s credit risk. As such, accurate, transparent, and user-friendly tools are now essential to help borrowers navigate a more dynamic and varied lending environment.
According to CBK, the objective of the revamp is to align the TCC platform with evolving borrower needs and technological advancements. Since its launch, the portal has served as a centralized digital hub for consumers seeking to understand and compare loan products, including interest rates, processing fees, insurance charges, and legal costs.
However, feedback over the years has indicated that the site requires improvements in accessibility, design, and relevance to new financial products, especially in light of the growing prominence of digital lending and mobile-based financial services.
The ongoing survey allows users to share their experiences with the platform’s interface, content clarity, and coverage of financial institutions. It also seeks input on new features that could be integrated, such as downloadable repayment schedules, a wider variety of loan types including mobile loans, and more detailed breakdowns of charges associated with specific lenders.
This revamp is especially timely given the rising cost of credit in Kenya. As of mid-2025, commercial lending rates have been reported to range between 15% and 26%, reflecting significant differences in pricing across financial institutions. With borrowers now facing such varied conditions, the availability of an accurate and comparative tool becomes critical in helping them make informed decisions and avoid predatory lending practices.
The CBK, in collaboration with the Kenya Bankers Association (KBA), has reaffirmed its commitment to ensuring that the redesigned TCC platform will offer more relevant, real-time, and actionable information to users. It will also support the broader goals of financial inclusion, consumer protection, and responsible lending practices.
