DP William Ruto wants banks to lower interest rates

NAIROBI, KENYA: Deputy President William Ruto has asked all financial institutions in the country to lower interest on their loans to enable many Kenyans access the loans easily. 

Mr. Ruto noted that the country’s economy was looking up adding that it was advisable for the banks to lower the rates and have more customers going for the loans than keep the interests high and have few customers applying for the loans. 

Mr.  Ruto was speaking today at Chichila high school in Kipkelion west constituency of Kericho County   during a fund raiser for women groups from the constituency. 

He said: “I urge all the remaining financial institutions that have not yet lowered their interests   in response to the resurgent economy, do so because it is better to have a bigger base of customers with the low rates than few customers with the very high interest rates.” 

Mr. Ruto at the same time said the government had cut down on unnecessary expenditure to help in recharging the economy noting   the recent austerity measures adopted by the government had started bearing fruit as exemplified by the falling bank interest rates. 

“I would like to commend the banks that have lowered their interest rates as this indeed will go a long way in growing individual economies and that of the country economy at large,” he added.