Kenya: Kenyan Banks Agree to Lower Lending Rates After Pressure from Central Bank Directive

Just two days after the Central Bank of Kenya (CBK) issued a directive urging banks to lower their lending rates, banks have finally given in to the pressure.

In a statement issued by the Kenya Bankers Association (KBA) Chairperson John Gachora, on Sunday, December 8, the bankers have agreed to heed the directive.

However, KBA acknowledged that banks are facing adverse challenges from the prevailing economic situations even as they agreed to the directive, raising questions on the viability…