The Central Bank of Kenya (CBK) and the Kenya Bankers Association (KBA) have launched the Cost of Credit website that will be of great help for Kenyan credit seekers.
According to the Central Bank of Kenya, the website is set to provide information on fees and charges relating to loan products offered by commercial banks and microfinance banks; specifically, personal secured loans, personal unsecured loans and mortgage loans.
The website has three key features:
The website provides two key outputs that allow consumers to compare loan facilities across banks: the Total Cost of Credit and Annual Percentage Rate (APR) coupled with a repayment schedule which can be downloaded from the website by the users.
The information provided on the website, however, according to the two bodies, is intended to complement the information provided by banks licensed under the Banking Act and Microfinance Act, regarding their fees and charges on loan facilities.