Kenyan commercial banks are facing scrutiny for their sluggish response to the Central Bank of Kenya's (CBK's) recent cut in the benchmark interest rate, sparking concerns that lenders are slow to lower borrowing costs despite moves to stimulate the economy.

• The CBK cut its benchmark interest rate by 25 basis points to 9.50 percent in mid-August, marking the third reduction this year and the seventh since last year.
• NCBA Group is currently the only major bank to announce a reduction, cutting its Kenya shilling base rate to 13.52 percent effective September 20, while other top lenders have yet to follow suit.
• Private sector credit growth remains low at 3.3 percent in July, far below the CBK's ideal target of 12 to 15 percent, as businesses continue to cite high credit costs as a major barrier.