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| Barclays Bank Statement on Removal of interest rate cap |
The Barclays Bank of Kenya (BBK) soon to be fully transitioned to Absa, has responded to the interest rate cap removal after the president signed Finance Bill 2019 into law.
The bank was pleased to update its customers and the public through MD Jeremy Awori's Statement on the rate cap issue and promised to further communicate on more issues arising from the same.
Customers with existing loans will continue to service the facilities with the previously determined interest rate. New loan facilities will be provided under the new laws on interest rate.
The lender assured the public that it will continue to serve better financial services to all segments including SMEs. Unsecured loans will still be provided including the Timiza loan service, providing unsecured mobile loans through mpesa.
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