Tuesday, October 25, 2022 –-Kenya Commercial Bank KCB has announced its loan new rates effective November 2022.
Today on Tuesday October 25, through a public alert distributed to its clients nationwide, the bank stated that in view of the Central Bank Rates CBR of 7.5 to 8.25 percent, KCB will now loan its customers at new rates of 8.75 percent up from 8.64 percent.
“Dear Customer, following the review of the Central Bank Rate (CBR) by CBK from 7.5% to 8.25%, effective 24/11/2022 KCB M-Pesa Loan will be charged a fee of 8.75% up from 8.64%,” the notification seen by Homenews.co.ke read.
The Monetary Policy Committee MPC which met on September 29, 2022, against a backdrop of significant global uncertainties, resolved to review this rates in line with the current harsh situation.
This was also informed by volatile financial markets, a weaker growth outlook, persistent inflationary pressures, geopolitical tensions, lingering effects of the COVID-19 (Coronavirus) pandemic, and measures taken by global authorities in response to the situation.
From next month, therefore, citizens banking with KCB will have to put up with the new rates to be able to continue accessing the facility.