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Kenya: A bank, like any other business, has to make a profit and has operational costs to consider. But this has not made it easier for customers to accept the rate of interest charged for credit facilities, particularly when it seems to only benefit banks’ bottom lines.
To allow customers to shop for better credit deals, as well as promote transparency in the sector, banks in Kenya have adopted the Annual Percentage Rate (APR) pricing mechanism. This formula enables consumers to compare different bank loan costs based on standardised parameters and a common computation model.
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