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Co-op Bank caps loans at 14.5 per cent, putting pressure on other lenders

 
Dr. Gideon Muriuki group managing director Co-operative Bank of Kenya
 

Co-operative Bank of Kenya has become the first lender to comply with the new banking Act by pricing its new loans at 14.5 per cent.

In an internal memo from Group CEO Gideon Muriuki, the lender directed all branch managers and lending units to refresh all loan offer letters to reflect the new changes.

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