Friday, September 09, 2016

CBA sets 12.9pc Interest Rate On New and Existing Loans

    September 09, 2016   No comments

Commercial Bank of Africa(CBA) has promised to charge 12.9 percent per annum interest rate on new and existing loans starting from 14th September, a move to ensure to be in line with the new banking law,making the lender the first to announce the lowest rates so far.

Read also CFC Stanbic sets new interest rates

Making the announcement, CBA managing Director Isaac Awuondo,said the bank will also give a 6.23 percent interest on deposits.

Its a mandatory move for all commercial banks in Kenya to have capped their interest rates on loans at not more than 4% above Kenya Banks Reference Rate(KBRR) after September 14,2016 failure to which Bank bosses will face prosecution.

Mwabaya Katana

About Mwabaya Katana

Mwabaya is an experienced and talented finance content creator based in Kenya. He is the Founder of Loans Kenya Blog.

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