Kenya Revenue Authority (KRA) Chairperson Ndiritu Muriithi has accused commercial banks of undermining economic growth by not lowering lending rates despite reduced inflation, preferring to lend to the government instead of the private sector.

• The Central Bank of Kenya (CBK) has cut its benchmark rate eight consecutive times, most recently to 9.25 percent.
• Muriithi stated that banks collect deposits at one or two percent but lend to the government at 15 percent.
• He urged the government to leverage technology and borrow directly from citizens, suggesting that mobile money platforms could facilitate lending half of the government’s annual needs within an hour.