The Central Bank of Kenya (CBK) has launched a nationwide survey to gather feedback on the usability and effectiveness of its Total Cost of Credit (TCC) website, a digital platform designed to promote transparency in the lending market.
In a press release issued on July 7, CBK called on members of the public, including customers of commercial banks, microfinance institutions, and mortgage finance companies to participate in the survey.
The survey will be open until July 15, 2025.
Developed in partnership with the Kenya Bankers Association (KBA), the TCC website was launched in June 2017 as a tool to help borrowers understand the full cost of credit before taking loans.
CBK Total Cost of Credit Platform
It enables users to compare loan products from different financial institutions.
Also Read: CBK Publishes List of Banks with Lowest and Highest Loan Rates
While the platform has played a critical role in promoting financial literacy and informed borrowing, CBK admitted that it has not kept up with the evolving financial landscape.
“With increased transparency for banking products, the website has not kept up with the evolving financial landscape, hence prompting the need to revamp the platform,” the statement read.
The new survey aims to assess how customers interact with the website, identify areas for improvement, and determine how it can better serve its purpose in a changing economic environment.
Feedback from Customers
CBK stated that feedback from the public will be essential in enhancing the site’s user experience and relevance.
Respondents can access the survey via this online link.
“In case of any difficulties accessing the form or any related queries, you may contact CBK via email at [email protected],” the bank added.
The move comes as more Kenyans turn to digital tools to make financial decisions, with many demanding greater transparency from banks amid rising concerns over hidden charges and unclear loan terms.
Also Read: AI and Gen Z Will Driving Africa Toward a Cashless Future, Experts Say
Role of the Central Bank of Kenya
CBK is the country’s primary monetary authority, tasked with formulating and implementing monetary policy, maintaining price stability, and ensuring a stable financial system.
Established in 1966, CBK plays a critical role in regulating commercial banks, issuing currency, and managing foreign exchange reserves.
It operates independently, though in close coordination with the National Treasury and other state institutions.
Over the years, CBK has expanded its mandate to include advancing financial inclusion and consumer protection.
Through initiatives like the Total Cost of Credit (TCC) platform, CBK has promoted transparency in lending, helping borrowers better understand loan obligations.
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