Relief for borrowers as another big lender lowers its loan rates

KCB Bank Kenya Director of Corporate Banking and Chairman of the Nyanza International Conference(NIIC) Japh Olende, signed a Memorandum of Understanding during a cheque presentation ceremony at KCB Towers on Friday 24th January.

KCB Group, Kenya’s largest bank by assets, has become the second major lender to reduce its lending rates, following the lead of rival Co-operative Bank.

This strategic move is set to provide substantial relief for borrowers amid the ongoing economic cash crunch. In a public notice yesterday, KCB said the reduction in its base lending rate would apply effective February 10 for new loans and March 10 for existing ones.