NAIROBI, Kenya- In a move set to bring relief to borrowers, Equity Bank announced a reduction in interest rates for all Kenya Shilling-denominated credit facilities.
The revised rates, effective immediately, align with the Central Bank of Kenya’s (CBK) recent decision to cut the Central Bank Rate (CBR) from 12.75pc to 12.0pc.
This marks Equity’s second rate reduction in less than six months, underscoring its commitment to making credit more accessible and affordable for both businesses and households.
The adjustment sees the Equity Bank Reference Rate (EBRR) dip from 17.83pc to 17.39pc, offering a noticeable reduction in borrowing costs.
Additionally, the bank has retained its margin on loans at a maximum of 8.5pc per annum, ensuring consumers and businesses can access funds at competitive rates.
CEO James Mwangi highlighted that the bank’s decision aligns with the CBK’s monetary policy, designed to stabilize the economy amidst improving inflation and other favorable indicators.
“This reduction reflects our commitment to supporting Kenya’s economic growth by making credit more affordable for businesses and households,” Mwangi stated.
With these changes, both new and existing customers with Kenya Shilling-denominated loans can look forward to lower monthly payments, helping them better manage their financial goals.
Equity Bank’s interest rate cut is about fostering financial inclusion and fueling economic growth.
By reducing borrowing costs, the bank aims to empower a broader range of customers, from entrepreneurs seeking business expansion to families investing in their futures.
This move comes at a time when the CBK’s monetary policy encourages banks to ease credit access, supporting national economic recovery efforts.
For borrowers, it’s a win-win situation: lower rates mean more opportunities to secure funding while navigating an improving economy.
The reduction in rates is expected to have far-reaching benefits, impacting not just individual borrowers but also the broader economy.
Lower borrowing costs can stimulate investments, boost consumer spending, and ultimately drive economic growth.
“This is about more than just numbers,” Mwangi emphasized. “It’s about giving our customers the tools they need to achieve their financial aspirations while supporting Kenya’s economic progress.”
The revised rates, effective immediately, align with the Central Bank of Kenya’s (CBK) recent decision to cut the Central Bank Rate (CBR) from 12.75pc to 12.0pc.
This marks Equity’s second rate reduction in less than six months, underscoring its commitment to making credit more accessible and affordable for both businesses and households.
The adjustment sees the Equity Bank Reference Rate (EBRR) dip from 17.83pc to 17.39pc, offering a noticeable reduction in borrowing costs.
Additionally, the bank has retained its margin on loans at a maximum of 8.5pc per annum, ensuring consumers and businesses can access funds at competitive rates.
CEO James Mwangi highlighted that the bank’s decision aligns with the CBK’s monetary policy, designed to stabilize the economy amidst improving inflation and other favorable indicators.
“This reduction reflects our commitment to supporting Kenya’s economic growth by making credit more affordable for businesses and households,” Mwangi stated.
With these changes, both new and existing customers with Kenya Shilling-denominated loans can look forward to lower monthly payments, helping them better manage their financial goals.
Equity Bank’s interest rate cut is about fostering financial inclusion and fueling economic growth.
By reducing borrowing costs, the bank aims to empower a broader range of customers, from entrepreneurs seeking business expansion to families investing in their futures.
This move comes at a time when the CBK’s monetary policy encourages banks to ease credit access, supporting national economic recovery efforts.
For borrowers, it’s a win-win situation: lower rates mean more opportunities to secure funding while navigating an improving economy.
The reduction in rates is expected to have far-reaching benefits, impacting not just individual borrowers but also the broader economy.
Lower borrowing costs can stimulate investments, boost consumer spending, and ultimately drive economic growth.
“This is about more than just numbers,” Mwangi emphasized. “It’s about giving our customers the tools they need to achieve their financial aspirations while supporting Kenya’s economic progress.”
