Borrowing from Kenyan banks got marginally cheaper in June, according to fresh data from the Central Bank of Kenya (CBK), though the cost of credit still varies sharply depending on which lender you walk into.
The CBK report, published on July 29, put the overall average lending rate at 14.38 percent for the month, down slightly from 14.49 percent in May.
It’s a modest shift, but one that fits a pattern seen in recent months, with most banks either holding their rates steady or nudging them down a notch rather than making any dramatic moves.
As has been the case for a while now, Citibank N.A. Kenya came out on top as the cheapest place to borrow, with an average lending rate of 10.49 percent, comfortably ahead of the rest of the pack.
Standard Chartered Bank Kenya followed at 11.49 percent, with Stanbic Bank Kenya close behind at 11.50 percent. Habib Bank A.G. Zurich and HFC Limited rounded out the five cheapest lenders, at 12.58 percent and 12.93 percent respectively.
A cluster of mid-tier lenders came in just under the national average. Guardian Bank Limited posted 13.47 percent, Absa Bank Kenya was just above it at 13.48 percent, while Bank of India, Paramount Bank and Prime Bank all landed at an identical 13.92 percent.
Bank of Baroda (Kenya) wasn’t far off at 13.97 percent, and a trio of lenders, Consolidated Bank of Kenya, I&M Bank and Development Bank of Kenya, each hovered right around the 14.00 percent mark.
Diamond Trust Bank Kenya came in slightly higher at 14.09 percent, with Gulf African Bank and Guaranty Trust Bank both settling at 14.22 percent.
Further up the scale, Victoria Commercial Bank charged an average of 14.24 percent, NCBA Bank Kenya sat at 14.57 percent, and M-Oriental Bank followed closely at 14.58 percent. KCB Bank Kenya and Commercial International Bank (CIB) Kenya were tied at 14.81 percent, with Equity Bank Kenya just a shade higher at 14.82 percent.
Among the pricier lenders, Ecobank Kenya charged an average of 15.00 percent, Co-operative Bank of Kenya came in at 15.08 percent, and Sidian Bank followed at 15.19 percent. African Banking Corporation and Premier Bank Kenya posted 15.46 percent and 15.49 percent, respectively.
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