As of September 2024, Equity Bank has adjusted its interest rates following the recent changes to Kenya’s Central Bank Rate (CBR). The bank’s reference rate has been reduced from 18.24% to 17.83%. This applies to Kenya Shilling-denominated loans, with the final interest rate consisting of the 17.83% base rate plus a margin, which is capped at a maximum of 8.5% per annum.
This reduction follows the Central Bank’s decision to lower the CBR from 13% to 12.75% in August 2024. These changes influence all new credit facilities, with Equity Bank continuing to monitor market conditions for potential future adjustments【8†source】【9†source】.
For deposit products like savings accounts and money market rates, specific rates may vary by region, with some promotional rates as high as 5.23% for select products【9†source】.