Big banks fleece customers with high charges

Kenya’s largest banks are the most expensive lenders and pay the least interest on deposits helping them to earn outsized returns at the expense of their customers, a survey by the banking sector regulator has revealed.

Medium-sized lenders charge the lowest average interest rates on loans at 13.85 per cent, large banks’ costs average 14.66 per cent while small financial institutions lend at 14.82 per cent according to the Central Bank of Kenya (CBK) survey.