I&M Bank has announced plans to reduce lending rates by 50 basis points effective from 23rd December 2024. This is in addition to the 25 basis points reduction the lender implemented on 28th November 2024, which brings the total Interest Rate reduction to 0.75%.
This is in response to the 0.75% reduction in the Central Bank Rate by Central Bank of Kenya’s (CBK) Monetary Policy Committee on 8th of October 2024.
I&M Bank says its customers who have been impacted by the latest interest rate reduction have already been advised.
The lender says the reduction in the lending rate is meant to enhance access to affordable credit.
“The interest rate reduction will lower operational costs for our customers in the Corporate, SME and Personal Banking segments to achieve their growth ambitions. Directionally, interest rates are coming down in Kenya and this is good news for businesses and consumers,” said I&M Bank Kenya, CEO, Gul Khan.
