Nairobi, KENYA: Equity Bank has reduced the rate of interest on credit facilities to 14.5 percent.
In a press briefing in Nairobi on Wednesday , Equity chief executive officer Dr James Mwangi said that group’s decision to reduce interest rates is line with the new regulation with effect from 14th of September 2016 .
“As a law abiding institution, Equity Bank has adopted the base rate as set and published by CBK currently at 10.5% and marking up with a 4% cap as provided for by the Law to arrive at 14.5%.” Dr. Mwangi said.
He added that the new interest rate will be applied on a reducing balance basis.
He pointed that It will apply to all local currency, new credit facilities and existing ones whose performance is on schedule.
Equity Bank said that it will further continue to support its customers with Financial Education and Entrepreneurship training.