Equity Bank has capped loans disbursed through its mobile platform Equitel at 14.5 per cent annually. This was received by the bank’s chief executive officer on the day when the new law on interest rates took effect.
“Equity Bank has interpreted this [the new law] to include all credit facilities extended to customers by such institutions. This includes loans through mobile phones or through other third party platforms or collaborations with mobile network operators (MNOs), credit card facilities as well as micro finance loans,” said Mr Mwangi.
Mr Mwangi said that its deposits products would also attract an annual return of 7.35 per cent. He mentioned the account that has no minimum deposit or ledger fees, school fees account, the account for investments, among others.
“Our suite of deposit accounts will now attract a minimum interest rate of 7.35 per cent per annually. … We invite our customers to make full use of these products to build their savings and investments,” said the CEO.
