Barclays becomes third lender to cut lending rates to 14.5pc

Barclays Bank of Kenya is the latest lender to bring down interest rates in compliance with the Banking (Amendment) Act 2015. The Act requires lenders to cap interest rates charged on loans at no more than four per cent above the base rate set by Central Bank of Kenya.

“We have with immediate effect reduced the interest rates applicable for all new loans to 14.5 per cent per annum in line with the new law. Equally, we have increased interest rates applicable on new Zidisha savings accounts and new term deposits to a minimum rate of 7.35 per cent p.a.,” said Barclays in a statement sent to newsrooms.