Kenya Bankers Association calls for interest rate caps to be updated
14 noviembre 2019

Following the enactment last week of the law repealing interest rate caps, Kenyan Bankers Association (KBA) President Habil Olaka urged banking institutions to update their interest rates on commercial loans. Banks are expected to respond to this in the coming days with the KBA predicting rates will rise between 3 and 4 percent.

Currently, interest rates stand at between 13 and 14 percent. This last figure was the maximum allowed under the Banking Act (2016), until President Kenyatta enacted the Finance Act (2019) last November 7. KBA thus foresees revised interests rates to lie in the range of 16 – 18 percent.

A website run by KBA and the Central Bank of Kenya (CBK) provides citizens with information on the interest rates corresponding to loans from different banking institutions. The head of the KBA has called for the values shown on this website to be updated more quickly “so that Kenyans can make responsible decisions”.

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