Kenya Commercial Bank is the latest local bank to lower its interest rates. This is as move that is meant to maintain and attract new customers. On a press statement to the media, the bank maintained that it is a move that is aimed at KCB makes a difference by awarding customers lower interest rates _ ScholarMedia Digital passing the benefits of the new law to new and existing customers. “Both new and existing loans will enjoy the 14.5% cap on rates and we urge the customers to ge in touch with their branches tomorrow (Thursday, September 1, 2016) to review and amend their banking facilities documents to reflect the new interest rate regime,” said the bank’s Managing Director and CEO Mr. Joshua Oigara. In addition, the bank said that it will set aside 5% of its loan book in order to boost SMEs via Kenya Bankers Association’s Inuka program for a period of 36 months. If women and the youth are successful in applying for the loans, they will also enjoy the new 14.5% interest rate.
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