Top commercial banks have started increasing lending rates by up to 1.1 percentage points after the Central Bank of Kenya (CBK) raised its benchmark interest rate by the biggest margin in more than seven years, setting the stage for costly credit for homes and businesses in a recovering economy.
NCBA Group, Standard Chartered, Housing Finance and Stanbic Bank are some of the lenders that have notified clients that the base rate on their loans will rise from this month.
