CBA sets 12.9pc Interest Rate On New and Existing Loans

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.

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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.

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