Customers at CFC Stanbic Bank have a reason to smile after the lender slashed its interest rates for both new and existing loans.

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According to the Star, CFC chief executive Philip Odero said Wednesday the bank was responding to borrowers pleas to lower the rates.

Other banks that have reduced their interest rates include KCB, Co-op, Barclays and Standard Chartered.

The decision by the bank to cut its interest rates follows the coming into effect of the Banking (Amendment) Act 2015 on Wednesday last week.

The Act caps interests rates at four per cent of the prevailing Central Bank’s CBR rate which currently stands at 10.5 percent.