Best Debt Collection Agencies in Kenya

Debt Collection Agencies in Kenya are organisations that act on behalf of creditors to help recover outstanding debts. They provide services such as debt collection, debt recovery, credit control, and debt negotiation. They work by contacting debtors and negotiating payment plans and settlements. They also help creditors to manage their receivables and to reduce the amount of bad debt.

Debt Collection Agencies in Kenya are regulated by the Central Bank of Kenya (CBK), which sets out requirements for operating in the country. These include obtaining a license, adhering to the terms of the CBK, and providing a detailed report of their activities. They must also abide by the Fair Debt Collection Practices Act, which sets out how debt collection agencies should conduct their business.

In addition, the CBK also requires debt collection agencies in Kenya to have a well-defined and effective system for handling disputes, as well as a code of conduct for their employees. They must also ensure that their staff is properly trained and qualified to handle debt collection cases.

In conclusion, Debt Collection Agencies in Kenya are an essential part of the financial sector, helping creditors to recover their outstanding debts and helping debtors to manage their financial obligations.