Co-operative Bank has lowered its interest charges for old loans to 14.5 per cent. This comes after the bank became the first in the country to comply with newly established law capping interest rates in the country at 14.5 per cent.
“In order to give our existing customers the full benefit of the new law, this interest rate pricing guideline will also apply to all our existing credit facilities,” Co-op Bank managing director Gideon Muriuki told managers in a circular.
The bank further advised its customers who have existing loans to visit their branches for adjustments.
