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September 18, 2026
2h ago

Ruto Pushes Banks to Cut Loan Rates as Interest Hits 14%

Ruto Pushes Banks to Cut Loan Rates as Interest Hits 14%

According to a Central Bank report published in July this year, most local commercial banks charge interest rates of between 10.59 and 19.06 per cent...

✨ Key Highlights

President William Ruto has urged commercial banks to reduce their loan interest rates from the current average of 14.39 per cent, arguing that credit remains too expensive for Kenyans and businesses.

  • Average lending rates stand at 14.39%, despite the Central Bank Rate (CBR) being 8.75%.
  • The appeal was made by President William Ruto at the Central Bank of Kenya's (CBK) 60th Anniversary in Nairobi.
  • Ruto emphasized that the benefits of economic stability should translate into more affordable and accessible credit for farmers, businesses, and young entrepreneurs.

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