What do I do when I am not given this information by my bank or if am charged more than was initially in the APR?

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This information is the right of every bank customer. Customers should raise any issues with the relevant customer care representatives or the banks' head office. Customers can also email consumerguide@kba.co.ke and a Kenya Bankers Association member of staff will facilitate a response from the bank.

Which other initiatives are banks working on to address high interest rates?

  • The banking industry in collaboration with Central Bank is spearheading a number of interventions to enhance credit access. These initiatives, which are at different stages of implementation, include: the Credit Information Sharing initiative which will enable banks to price their loan products based on individual customers’ risk profile
  • Through the Committee on Increasing Private Sector Credit and Mortgage Finance Chaired by National Treasury, KBA has also proposed several other measures meant to address the inefficiencies that contribute to higher costs within the financial services industry, including reforms within the Ministry of Lands.
  • It is important to note that the high interest rate regime is not permanent; once market stability is attained, rates trend downwards, as we have seen in the recent past. A good signal that the market is indeed responding to the decline in interest rates is the increased uptake in credit during 2013 and First Quarter 2014 (as reported by the Central Bank)..
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