Equity Bank Kenya has cut its interest rate to below 26 percent, offering relief to borrowers ahead of the Central Bank of Kenya (CBK) meeting with banks over the delayed transmission of reduced benchmark rates to borrowers.
The lender said Monday it has cut its base rate, called the Equity Bank reference rate (EBRR), to 17.39 percent from 17.83 percent, meaning that it will price its loans up to a maximum of 25.89 percent after factoring in a margin of 8.5 percent.
