Cooperative bank of kenya has set its interest rates on all credit facilities at 14.5 percent from over 20 percent charged previously effective on Friday 26th August 2016.
Following the signing of the Banking(Amendment) Bill 2015 into law by President Uhuru,all lenders are not allowed to charge high interest rates on their credit products and instead they should set their ratesvat around 10.5 percent which is the CBR.
Communicating the new rate through letters to all nationwide branches, the Coopbank Boss,Gedion Muriuki made it clear that the lender is taking the move as a directive by the commercial banks' regulator ,CBK and the Kenyan government in its move to protect the consumers citizens.
Faulu is the other lender who communicated to the public about its lowered rates.Read Faulu Mfb drops loan interest rates by 0.97pc below KBRR
Following the signing of the Banking(Amendment) Bill 2015 into law by President Uhuru,all lenders are not allowed to charge high interest rates on their credit products and instead they should set their ratesvat around 10.5 percent which is the CBR.
Communicating the new rate through letters to all nationwide branches, the Coopbank Boss,Gedion Muriuki made it clear that the lender is taking the move as a directive by the commercial banks' regulator ,CBK and the Kenyan government in its move to protect the consumers citizens.
Faulu is the other lender who communicated to the public about its lowered rates.Read Faulu Mfb drops loan interest rates by 0.97pc below KBRR
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