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 23rd December 2024.
This move, combined with a prior 0.25% reduction implemented on 28th November, brings the total Interest Rate reduction to 0.75% over a period of just two months. Customers impacted by the interest rate reduction have already been advised.
This proactive move underscores I&M Bank’s commitment to its brand promise, ‘On Your Side,’ by enhancing access to more affordable credit for Kenyans. The Interest Rate reduction is expected to provide much-needed relief to businesses and individuals.
“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 to achieve their growth ambitions. Directionally, interest rates are coming down in Kenya and this is good news for businesses and consumers.” said Gul Khan, CEO of I&M Bank Kenya.
Also Read: I&M Bank Extends FREE Bank to M-PESA Transfers to Solo Business Owners
