Competition pushing down cost of credit

Nairobi; Kenya: More Kenyans have begun streaming back to the banking halls, seeking for credit bargains, following a steady decline in interest rates charged by commercial banks on their products.

"It is worth noting that interest rates overall have been coming down in the last many years. Except for the spike that we saw in 2012, the rates have generally trended downwards," said NIC Bank Group Chief Executive John Gachora. "Between 2012 and today, average loan rates have dropped from more than 20 per cent to the current 15 per cent."