Central Bank of Kenya invites Kenyans to review total cost of credit website
The survey, which runs until July 15, 2025, seeks input from customers of commercial banks, mortgage finance institutions, microfinance banks and the general public.
The Central Bank of Kenya (CBK) has launched a public survey to collect feedback on the Total Cost of Credit (TCC) website, a platform used to help Kenyans understand and compare the true cost of loans.
The survey, which runs until July 15, 2025, seeks input from customers of commercial banks, mortgage finance institutions, microfinance banks and the general public, as part of CBK's effort to improve the website's usability and strengthen its role in promoting financial literacy.
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According to CBK, while the website has improved transparency around banking products, it has not adapted to changes in the financial sector, prompting the need for an upgrade.
"The TCC website has become an important tool for individuals and businesses seeking to compare loan products offered by different financial institutions," a statement shared on CBK's X page on Monday reads.
"While the website has increased transparency for banking products, the website has not kept up with the evolving financial landscape hence prompting the need to revamp the platform."
Users can access the short survey through a link provided on the TCC website. Those facing challenges completing it have been encouraged to contact CBK directly for support.
"CBK is conducting a survey to gauge customer experience with the website. The survey aims to assess its usability, identify areas of improvement, and enhance its role in promoting financial literacy and informed borrowing," the lender said.
"CBK, therefore, requests customers of commercial banks, mortgage finance companies, microfinance banks and the general public to complete the survey. The survey link can be accessed at the Total Cost of Credit Website Customer Experience Survey and should be completed by July 15, 2025."
The TCC website was first launched in June 2017 through a partnership between CBK and the Kenya Bankers Association (KBA). It was designed to provide detailed information on fees and charges for personal secured loans, unsecured loans and mortgages.
It features a user-friendly calculator that allows borrowers to compare loan options across banks using key indicators like the Annual Percentage Rate (APR) and a downloadable repayment schedule.
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