The reduced interest rates will comprise a revised Equity Bank Reference Rate (EBRR) of 14.39% plus a margin (based on specific customer risk profile).
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The 2024 FinAccess Household Survey Report has revealed that financial inclusion in Kenya has seen a slight improvement. Eighty-four per cent of the adult population now has access to financial services, up from 83.7 per cent in 2021. Meanwhile, the report,
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In a statement on his verified social media pages, Rotich denied his administration having multiple bank accounts.
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While responding to the members of the joint committee, the nominee said that he had moved a lot in many departments of the Central Bank, along the way he had trained a lot of staffers to take his responsibilities after
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The reduced interest rate on all new and existing Kenya Shilling-denominated credit facilities will comprise the revised Equity Bank Reference Rate (EBRR) of 17.39% plus a margin, currently capped at a maximum of 8.5% per annum.
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Remittances are a key economic driver in Sub-Saharan Africa with a reported $53 billion flowing into the region in 2022. In Kenya, the Central Bank of Kenya reported $5.77 billion worth of foreign currency inflows in 2022.
Cross-border remittances unlock financial inclusion by empowering individuals
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Through Mastercard Cross-Border Services, Equity Bank customers will be able to send funds through any Equity Branch Location in Kenya.
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CBK has said it has received 480 applications since March 2022 and has worked closely with the applicants in reviewing their applications.
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