In response to the Central Bank of Kenya’s (CBK) recent reduction of the Central Bank Rate (CBR), I&M Bank has announced a further reduction of its interest rates by 0.5%, effective December 23, 2024.
This follows a previous 0.25% reduction on November 28, bringing the total interest rate reduction to 0.75% over a span of just two months.
The reduction is a significant move aimed at easing the financial burden on businesses and individuals alike, ensuring that Kenyans have access to more affordable credit during these challenging times. Customers impacted by the change have already been notified.
I&M Bank’s decision to adjust interest rates underscores the institution’s commitment to its brand promise of being ‘On Your Side,’ offering solutions that align with its customer-first approach.
According to the bank, the rate reduction will lower operational costs for clients in the Corporate, SME, and Personal Banking segments, enabling them to better achieve their growth objectives.
“This interest rate reduction is part of our ongoing efforts to support our customers. As interest rates continue to trend lower in Kenya, we believe this will provide a welcome relief to businesses and consumers,” said Gul Khan, CEO of I&M Bank Kenya.
With this proactive move, I&M Bank reinforces its position as a key player in Kenya’s financial sector, focused on fostering economic growth by making credit more accessible to all.
