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Stanbic Bank Kenya sets 19 percent interest rate on riskiest borrowers
From left: Stanbic Bank Kenya & South Sudan Chief Executive Officer Joshua Oigara, Stanbic Bank Chief Finance and value officer Dennis Musau and Standard Bank Group East Africa Regional Chief Executive Patrick Mweheire after the bank half-year result announcement at Movenpick Hotel, Nairobi on August 10, 2023. PHOTO | LUCY WANJIRU | NMG
Stanbic Bank Kenya has set 19 percent as the highest interest rate for risky borrowers as the lender begins implementing risk-based pricing after receiving approval from the Central Bank of Kenya (CBK) last December.
The bank says clients will be priced up to a premium of five percentage points on its internal benchmark lending rate currently set at 13.12 percent --a moving target based on the prevailing Central Bank Rate.
