The Central Bank of Kenya (CBK), in partnership with the Kenya Bankers Association (KBA), has rolled out a nationwide survey aimed at enhancing the user experience of the Total Cost of Credit (TCC) platform. The initiative forms part of broader efforts to make credit more affordable, transparent, and accessible to borrowers across the country.
The TCC website, first launched in June 2017, was developed as a tool to promote financial transparency within Kenya’s banking sector. It allows individuals and businesses to compare loan products from various financial institutions—including commercial banks, microfinance banks, and mortgage finance companies. Users can evaluate the full cost of borrowing by reviewing interest rates, fees, insurance, and other charges associated with loans.
While the TCC platform has played a key role in advancing financial literacy and supporting informed borrowing decisions, the CBK acknowledges that the site has not been fully updated to reflect recent changes and innovations in the financial services landscape. In light of evolving consumer expectations and the rise of digital banking, there is now a pressing need to modernize the platform.
The current survey aims to gather feedback from a broad spectrum of stakeholders, including bank customers, fintech users, SACCO members, and the general public. Insights collected will help the CBK and KBA identify usability gaps, assess the relevancy of available tools, and prioritize new features that will better serve users’ needs.
“We are calling on all credit consumers to participate in this important exercise,” said CBK in a public notice. “Your feedback is essential in helping us design a more user-friendly, informative, and responsive TCC platform.”
Interested individuals are encouraged to take part in the survey by visiting https://forms.office.com/r/d8FNWvt5e5. The survey will remain open until July 15, 2023, after which the data will be analyzed to guide upcoming updates to the platform.
This initiative underscores the CBK’s ongoing commitment to fostering a fair and competitive credit market, where borrowers can make informed decisions and lenders are encouraged to maintain transparency.
