Equity Bank Kenya has announced a reduction of its base lending rate by 44 basis points to 17.39% in response to the decision by the Central Bank of Kenya’s Monetary Policy Committee (MPC) early October 2024 to cut the Central Bank Rate (CBR) from 12.75% to 12.0%.
This means both new and existing “Kenya Shilling-denominated credit facilities” at Equity Bank Kenya will service their loans at 17.39% plus a margin, which is currently capped at a maximum of 8.5% per annum.
Until today Equity Bank Kenya had its base lending rate at 17.83%.
“The reduction, effective 18th November 2024, reflects Equity Bank’s proactive commitment to making credit more affordable and accessible to a wider range of customers, furthering financial inclusion and stimulating economic activity across Kenya,” says the lender.
Equity Group Managing Director James Mwangi says by reducing the cost of borrowing, businesses will now access more affordable credit, which in turn lowers the overall operational costs.
“Equity Bank remains committed to broadening access to affordable credit, thereby empowering small businesses, entrepreneurs, and individuals to participate in Kenya’s growth journey,” Mwangi says.
