I&M Bank has reduced its Kenya Shillings loan interest rates further by 2% effective 01/03/2025. This reduction is subject to a customer risk profile.
This brings the total reduction in lending interest rates to 2.75% in recent months. This is in response to the Central Bank of Kenya’s (CBK) recent decision to lower the Central Bank Rate (CBR) and the Cash Reserve Ratio (CRR). The bank reduced its loan interest rates by 0.75% in the 4th quarter of 2024.
“This action reflects our commitment to making credit more accessible and affordable for both businesses and individuals. We understand the challenges our customers face in the current economic environment and this reduction will provide meaningful relief while supporting Kenya’s economic growth.” said Gul Khan, CEO of I&M Bank Kenya.
I&M Bank was founded in 1974 as a financial services company and later converted to a commercial bank. It is now a wholly owned subsidiary of I&M Group Plc, a public company listed at the Nairobi Securities Exchange (NSE).