Eq­uity Bank re­duces in­ter­est rates on mo­bile phone loans

The Star (Kenya) - - News -

Eq­uity Bank Group has low­ered in­ter­est rates on mo­bile-phone based loans of­fered through its Equi­tel ser­vice, mak­ing it the first lender to take the step.

Kenya Com­mer­cial Bank and Com­mer­cial Bank of Africa have in­di­cated they will not lower in­ter­est rates on loans taken via the pop­u­lar KCB M-Pesa or M-Sh­wari plat­forms since mo­bile money is not cov­ered un­der the Bank­ing (Amend­ment) Act 2015.

Eq­uity Bank chief ex­ec­u­tive James Mwangi said the bank has also set aside Sh100 bil­lion for on­ward lend­ing to the mass mar­ket and all loans taken from yes­ter­day will be priced at 14.5 per cent.

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