I&M Bank has announced a reduction of its interest rates by 0.5%, effective 23rd December 2024, following the Central Bank of Kenya’s (CBK) recent cut in the Central Bank Rate (CBR). This decision, coupled with a 0.25% reduction implemented on 28th November, brings the total reduction to 0.75% within just two months.
The bank’s proactive approach aligns with its commitment to improving access to affordable credit for Kenyans, especially in challenging economic times. I&M Bank has already informed its customers affected by the change.
Gul Khan, CEO of I&M Bank Kenya, emphasized that the move reflects the bank’s customer-first philosophy. “At I&M Bank, we strive to prioritize our customers’ needs in line with our customer-centric approach to doing business. The interest rate reduction will lower operational costs for our customers in the Corporate, SME, and Personal Banking segments, helping them achieve their growth ambitions. Directionally, interest rates are coming down in Kenya, and this is good news for businesses and consumers alike.”
This reduction in interest rates is expected to provide much-needed financial relief for businesses and individuals, fostering an environment conducive to growth. The decision also complements the broader trend of declining interest rates in Kenya, which signals improved conditions for credit access across the economy.
