Faulu mfb is set to drop its lending rate by 0.97percent below Kenya Banks Reference Rate (KBRR) which is at 10.5percent.The move will find borrowers with good credit scores get loans from the lender at 9.53percent interest rate.
Faulu management team took the move which will be effected from 25th August 2016 to be in line with the Central Bank's directive on lowering commercial banks lending rates in Kenya.
Commercial banks have been reported to be too slow in effecting CBK directives especially lowering rates on loans issued to Kenyan population since March, 2016.
Kenyan lawmakers had to table a debate on the same in order to have the rates on loans issued by the kenyan commercial banks capped.The CBK however,through a press release on 28th July proved against the MPs move.
The overall effect however should be lowered loan interest rate towards the last quarter of 2016.
Faulu management team took the move which will be effected from 25th August 2016 to be in line with the Central Bank's directive on lowering commercial banks lending rates in Kenya.
Commercial banks have been reported to be too slow in effecting CBK directives especially lowering rates on loans issued to Kenyan population since March, 2016.
Kenyan lawmakers had to table a debate on the same in order to have the rates on loans issued by the kenyan commercial banks capped.The CBK however,through a press release on 28th July proved against the MPs move.
The overall effect however should be lowered loan interest rate towards the last quarter of 2016.
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