Equity Bank Cuts Loan Interest Rates Following CBK Decision

Equity Bank Kenya has reduced interest rates on Kenya Shilling loans, effective November 18, 2024, after the Central Bank of Kenya lowered the Central Bank Rate (CBR) from 12.75% to 12.0%.

The bank’s reference rate dropped from 17.83% to 17.39%, with lending rates capped at an 8.5% margin. CEO Dr. James Mwangi noted that the move will lower borrowing costs, support small businesses, and increase household disposable income. This is Equity Bank’s second rate cut in six months, underscoring its commitment to economic growth.