Banks turn to other charges to grow profits after rate cap

Equity group Managing Director and CEO Dr. James Mwangi during the Equity Group Holdings Plc Investors briefing at Equity group. [Wilberforce Okwiri/Standard]

With the rate cap now a permanent feature in the banking sector after legislators shot down a proposal to have it scrapped, lenders are finding new ways to make money.

According to a new research by Sterling Capital, banks have now shifted their focus on non-funded income (NFI), with Stanbic Bank recording the highest growth on this front at 32.5 per cent in the first six months of this year.