Kenya’s Equity sees profit boosted by loan growth
CEO confident the government will remove the lending rate cap, which has been a big challenge
04 August 2019 - 19:21
Nairobi — A surge in lending drove a 10% rise in first-half pretax profit at Kenya’s Equity Group and its CEO says he is confident the government will remove a cap on lending rates, further boosting demand.
The cap, introduced in 2016 to curb high interest rates on loans, prevents banks from charging more than four percentage points above the central bank’s benchmark lending rate, currently 9%...
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