In yet another effort to address the thorny issue of the cost of credit in Kenya, the Central Bank of Kenya and the Kenya Bankers Association have recently partnered to launch an online portal that allows borrowers to compare the cost of credit from commercial and microfinance banks.
Dubbed the Cost of Credit Calculator, the website seeks to give borrowers an estimate of the total cost of credit (TCC) arising from a consolidation of the fair estimate of each lender’s interest rates, bank charges and fees as well as third-party costs that are specific to each product.
