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Commercial banks have started piloting the Annual Percentage Rate (APR) pricing mechanism, which will enable comparison of loan costs based on standardised parameters and a common computation model. Use of the tool will become effective from next month.
In addition to conducting training for bank employees, including loan officers, banks are currently modifying their systems and loan application procedures in readiness for the adoption of the APR disclosure requirement. APR is one of the industry interventions spearheaded by Kenya Bankers Association (KBA) in collaboration with Central Bank.
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