Equity Bank walks talk on cutting loan charges as others hesitate

When Equity Bank opened a branch in Kiritiri Market, Mbeere South Constituency which is the epicenter of Muguka trade on January 22, 2024. [Muriithi Mugo, Standard]

Equity Bank has announced a reduction in interest rates on both new and existing Kenya Shilling-denominated credit facilities, in line with an earlier pledge offering relief for borrowers.

The move comes even as other leading lenders remain slow to respond to calls by the Kenya Kwanza administration to cut their interest rates frustrating regulators and Ruto government officials amid an economic slowdown linked to the ongoing credit crunch.