Friday, April 12, 2019 - A Kenyan billionaire has sued a mobile money lending App for listing him with a Credit Reference Bureau (CRB) over a Sh1,000 loan he claims he didn’t borrow.
Mr. Peter Nduati, the founder of Resolution Health and CEO of Centric Air, an airline ambulance company, claims the money lending App has messed his credit rating for erroneously listing him with CRB.
The business magnate, who is worth around Sh3bn, stated that he was shocked to find his name listed when he was in the latter stages of securing a loan for his new venture, Centric Air.
The bank declined to approve the loan on grounds that he was listed as a defaulter with CRB.
“I am very particular in maintaining a good credit score because I use leverage for investing.”
“The bank could not disclose who had listed me and referred me to CRB,” he tweeted.
After back and forth with the Money Lending App and the CRB Company, he was told that his name was listed by mistake and he was cleared.
However, the damage had already been done since his current credit score states that he has a 40 per cent chance of defaulting a loan.
A person is listed with CRB three months after defaulting a loan and it can take up to seven years to get another loan after clearing his/ her name.
The Kenyan DAILY POST