I&M Bank has announced a 0.75% reduction in its interest rates, following the Central Bank of Kenya’s (CBK) decision to lower the Central Bank Rate (CBR).
The initial 0.25% rate cut was implemented on November 28, with an additional 0.5% reduction set to take effect on December 23, 2024.
This adjustment will benefit customers across various segments, including Corporate, SME, and Personal Banking, aiming to ease financial burdens and enhance growth opportunities for businesses and individuals.
Gul Khan, CEO of I&M Bank Kenya, emphasized the significance of this move:
“At I&M Bank, we are committed to putting our customers first, aligning with our customer-centric approach to business. This interest rate reduction will help lower operational costs for customers in Corporate, SME, and Personal Banking, empowering them to pursue their growth ambitions. The overall trend of declining interest rates in Kenya is a positive development for businesses and consumers alike.”
The rate cuts are expected to offer financial relief and support economic recovery amid a dynamic economic environment.
