Reduction in interest rates possible, Kibaki tells banks Kenya Broadcasting Corporation
Reduction in base lending rates by commercial banks should translate to lower lending rates and not be a mere advertising tool to attract new customers, President Mwai Kibaki has said.
President Kibaki emphasized that the move should also lead to a higher uptake of loans by deserving firms and households to support investments, jobs and wealth creation in the economy.
The President was speaking Tuesday at Kenyatta International Conference Centre (KICC) where he launched M-Kesho, an Equity Bank M-Pesa Banking product.
He expresed confidence that lending rates can go down further in the country, adding that for the economy to flourish, affordable credit must be provided to both large and small scale businesses and individuals to enable them invest in productive activities that will create wealth and uplift the living standards of Kenyans.
Said the President: "That is why the emphasis on affordable credit is so important to our economy and to our industrialization drive."
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