Kenya Commercial Bank (KCB) will adjust all existing loans to not more than 14.5 per cent as part of the industry commitment to pass these benefits to customers even as we work closely with the Central Bank of Kenya (CBK) on the final regulation.
Speaking at a media breakfast at a Nairobi hotel, the Group CEO and Managing Director Joshua Oigara said both new and existing loans will enjoy the 14.5 per cent cap on rates, and urged customers to get in touch with their branches to review and amend their banking facilities documents to reflect the new interest rate regime.
“We have heard the voice of Kenyans and KCB Bank Kenya will ensure that customers are not disrupted in any way and as much as possible address any negative impact this may have to the broader economy such as the SME sector and the unbanked population,” said Oigara.
In addition, the Bank has also committed 5 per cent of its loan book to support SMEs through the Kenya Bankers Association (KBA) Inuka programme for three years in which women and youth will enjoy 14.5 per cent interest rate once their credit applications are successful.
The Bank will continue to engage with the industry and the regulator and update on any changes that will be communicated.