Co-operative Bank Leads in Cutting Interest Rates to 14.5% as required by the law

Sharing is Caring

Dear Esteemed Kenyans,

Now banks will not toss the coin to decide how much they are going to charge you for a loan that you take. Actually, if a bank charges you over 14.5%, it is a crime punishable by the law of the land – Banking (Amendment) Act 2016.

Cooperative Bank of Kenya Limited has set history by becoming the first bank in Kenya to cut the interest rates to the 14.5% capping set by the new law. It has become a trend setter. The rest of the banks will soon follow suit. They have no option. They will either cut their high interest rates of face criminal cases in the courts. If they do not do so, then they may be planning to ship out of business.

A number of analysts have said what they have to say to get paid. They have predicted what will happen. This is the time when analysts act as clairvoyants (those who have the ability to predict about the unforeseen future).

I enjoyed reading Mr. Kwame Owino’s column on the Daily Nation and how he analyzed the Banking law. He clearly predicted that the banks will become more friendly with customers. They will have to up their game in order to attract customers.

Sharing is Caring:
error0

Comments

comments

Editor-in-Chief

Geoffrey Kerosi is a prolific Kenyan writer based in Nairobi City. He holds a Bachelors in Economics and Statistics and is currently pursuing Masters in Public Policy and Administration (MPPA) from Kenyatta University. Email: info@kerosi.com. Whatsapp: +254713 639 776 YouTube: Kerosi TV

One thought on “Co-operative Bank Leads in Cutting Interest Rates to 14.5% as required by the law”

  1. Hello! I’ve been following your weblog for a long time now
    and finally got the courage to go ahead and give you
    a shout out from Huffman Tx! Just wanted to mention keep up the great job!

Comments are closed.

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.
error

Enjoy this blog? Please spread the word :)

Skip to toolbar