Deep-pocketed foreign banks beat Kenyan rivals with cheaper loan rates

Central Bank Of Kenya on Haile Selassie avenue in Nairobi.[Wilberforce Okwiri,Standard]

Kenyan units of global banking giants are offering the country’s most competitive lending rates, using their expansive capital bases to undercut domestic rivals and capture prime borrowers in the country.

A review by The Standard of the latest central bank data shows Citibank NA Kenya, part of US-based Citigroup Inc, offered loans at an average rate of 12.59 per cent in July—the lowest among 37 commercial banks in the country.

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