- Mokaya said other professions including accountants, lawyers, fiscal analysts, engineers and doctors are regulated through a statute for effective discharge of mandate.
- He said there are indicators of a robust credit market in the country.
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Council of Institute of Credit Management Kenya has petitioned the National Assembly to enact legislation to regulate the credit profession.
In the petition, the chairperson of the institute Bernard Mokaya noted that despite the growth of the credit market in the country some significant risks and concerns would be addressed by having certified credit professionals.
He said other professions including accountants, lawyers, fiscal analysts, engineers and doctors are regulated through a statute for effective discharge of mandate.
The petitioner is convinced that enactment of legislation to regulate the credit profession would be instrumental in sensitising and cushioning consumers from several risks including breach of transparency, unconscionable conduct and loss of assets.
“The petitioner therefore prays that the National Assembly enacts legislation to regulate the credit profession to provide for qualified and well-regulated professionals who will ensure stability and sustainability of lending institutions,” Deputy Speaker Gladys Boss said in her communication to the House.
The petitioner said the domestic credit to the private sector, as a percentage of the GDP stood at 32 per cent in 2020.
He added that gross loan listings as per the Credit Officer Survey Report by the Central Bank of Kenya totalled Sh3.677 trillion as of December 2022.
“These, according to the petitioner are indicators of a robust credit market in the country,” Boss said.
She committed the petition to the Public Petitions Committee per Standing Order 227(2).
Institute of Certified Public Accountants of Kenya, Institution of Surveyors of Kenya, Institute of Human Resource Management, Institute of Certified Public Secretaries, Engineers Board of Kenya, Chartered Institute of Arbitrators Kenya and Board of Registration of Architects and Quantity Surveyors are some of the well-known professional bodies in Kenya.
The Institute of Credit Management Kenya (ICM-K) promotes professionalism in the field of credit management.
It says to achieve tremendous and sustainable economic growth in the country to enable Kenyans to grow in wealth creation and facilitate the achievement of Vision 2030, proper and prudent management of credit is paramount in all sectors of economic development.