Kenya's Equity Bank lowers lending rates
Equity bank has joined the list of commercial banks slashing their lending rates in line with market forces.
The bank on Monday announced new lending base rates of twelve percent down from from fifteen percent.
Already, Barclays and Cooperative Banks have reduced their base rate by two and one percentage point respectively in response to the Central Bank's move to lower its rates.
Barclay's base rate is now at 13.75% while that of Cooperative Bank stands at 14 per cent.
Equity's chief executive officer James Mwangi says the move will help customer's access cheaper loans.
He was speaking when the bank signed a loan agreement with China Development Bank worth 4 billion shillings.
The deal is expected to offer support to small and medium enterprises in the country.
The facility will allow Equity Bank advance long -term development loans to the SME sector in the country at affordable interest rates in a bid to spur the sector which plays a crucial role in the social economic development of the country.
