Kenyan banks have started increasing the cost of their shilling-denominated loans in the wake of the Central Bank of Kenya’s decision to increase its benchmark lending rate to an 11-year high.
NCBA Bank has increased its base lending rate to 16.5 percent from 14.5 percent, becoming the second lender to make such an announcement after Equity Bank whose interest rate rose to 17.56 percent from 14.69 percent.
