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BIC East Africa announces conclusion of students’ support initiative
BIC East Africa recently announced the conclusion of the fifth edition of its Buy Me and BIC Will Donate...
Tony Elumelu Foundation in UAE deal to support 1,000 African entrepreneurs
The Tony Elumelu Foundation (TEF) has announced a significant $6 million partnership with the UAE Office of Development Affairs...
Kenyan creatives urged to safeguard intellectual property
Kenya Industrial Property Institute (KIPI) board chairman Allan Kosgey has urged young entrepreneurs in the country’s creative industry to...
Love in the time of internet: Kenyan men streaming more heartbreak anthems on Spotify
Love can be sweet until it’s not. One moment it’s “Meet my person” and the next it’s “How did...
South African artist Sheron unveils Need You single
South African pop rock artist Sheron has unveiled his deeply emotive new single and accompanying music video ‘Need You’. This...
Mdundo announces start of 2025 royalties payment programme
African music distribution platform Mdundo has announced that its 2025 royalties payout season is currently ongoing. The programme, which commenced...
Sanlam unveils judges for Financial Journalism Awards 2024-2025
Following call for applications for the Sanlam Group Awards for Excellence in Financial Journalism 2024-2025, organisers have unveiled a...
MHC and DTECH partner to enhance customer experience across EMEA
MHC, a provider of intelligent document automation and workflow SaaS solutions, is pleased to announce a strategic partnership with...
Kenya: Equity Bank lowers interest rates for new & existing loans
Equity Bank Ltd has announced a reduction in interest rates on all new and existing Kenya Shilling denominated credit facilities, effective February 13, 2025 for new loans and from March 1 for existing loans. This follows the recent decision by the Central Bank of Kenya’s Monetary PolicyCommittee (MPC) to cut the Central Bank Rate (CBR) by 50 basis points to 1075% from 11.25% and the Cash Reserve Ratio (CRR) by 100 basis points to 3.25% from 4.25%. This reduction reflects Equity Bank’s commitment to making credit more affordable and accessible, furthering financial inclusion and stimulating economic activity across Kenya. The reduced interest rates will comprise a revised Equity Bank Reference Rate (EBRR) of 14.39% plus a margin (based on specific customer risk profile). This 300 basis points (3%) reduction applies to a wide range of credit product, reflecting the bank's commitment to supporting customers across diverse sectors. “We understand the financial pressures facing Kenyans today, and we're committed to doing our part to ease that burden. This rate cut is about more than just lower interest rates; it's about opening doors for Kenyans to invest in their businesses, support their families, and their livelihoods,” said Equity Bank's managing director Moses Nyabanda. This is the 3rd time that Equity has reduced its lending rate within the last six months. It had reduced its rate in September and November 2024. Lowering interest rates is expected to have a positive impact on the economy. By reducing the cost of borrowing, businesses will have access to more affordable credit, lowering operational costs and fostering growth and job creation. For households, lower rates mean reduced loan repayments, increasing disposable income and stimulating consumer spending. The MPC's decision, taken at its meeting on February 5, 2025, was based on its observation that the reduction in the CRR will release additional liquidity to banks, which is expected to lower the cost of funds and lending rates, ultimately supporting growth of credit to the private sector. Equity Bank’s rate adjustment aligns with these policy goals, allowing customers to benefit directly from the intended economic stimulus. As the Kenyan economy evolves, Equity Bank remains dedicated to supporting customers' financial goals and enabling inclusive economic development. By passing on the benefits of reduced interest rates, Equity Bank aims to create an environment where businesses can expand, employment opportunities increase, and communities thrive. For more information visit here.
Britam General Insurance settles KES71m fire claim for Limuru Country Club
Britam General Insurance has settled a compensation claim of KES71,143,016 for Limuru Country Club following the fire that destroyed...
Njerae to drop Four Letter Word EP on Valentine’s Day
Kenyan singer, songwriter, and producer Njerae is set to release her largely anticipated EP Four Letter Word on February...
Ayra Starr embraces self-love on new single All The Love
Nigerian Afrobeats singer and songwriter Ayra Starr has released her first single of the year, ‘All The Love’. No one...