Ruto puts banks to task over constant high lending rates

Banks have always come under fire by both the regulator and customers for being slow to reduce the rates when the CBR is revised downwards, but quick when it is raised...

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President William Ruto has publicly challenged banks to lower their high lending rates, putting the financial institutions to task during a recent meeting with the Kenya Bankers Association (KBA).

Central Bank of Kenya data shows the lending rate stood at 15.28 percent as of June 2025.
The challenge came when Kennedy Mutisya, Chief Finance Officer for KBA, presented an idea regarding VAT refunds.
President Ruto welcomed the bond idea but immediately shifted focus to questioning the banks' slow response in reducing interest rates.