CFC Stanbic becomes first bank to cut rates for existing loans

The CFC Stanbic Bank branch on Kimathi Street in Nairobi. PHOTO | FILE 

By GEORGE NGIGI, gngigi@ke.nationmedia.com

CFC Stanbic has become the first bank to cut rates for existing loans following President Uhuru Kenyatta's decision to sign into law a Bill capping interest rates.
The new law caps loan interest rates at 4 per cent above the Central Bank rate.