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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A mortgage shortens the period to homeownership and allows you to purchase a house as a future investment
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The move will see the addition of a new transaction band of KSh151,000 to KSh250,000 for Send Money, Lipa Na M-PESA BuyGoods, PayBill and all other transactions.
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The waiver will make I&M Bank the first lender in Kenya to officially offer zero fees for Bank to M-PESA and Airtel Money transactions.
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A statement from the CBK indicated that the 22 are among over 300 providers that have so far applied to be licenced.
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