By Antynet Ford
I&M Bank has announced a reduction of its Interest Rates by 0.5%, effective 23rd December 2024.
This is in response to the Central Bank of Kenya’s (CBK) recent reduction of the Central Bank Rate.
This move, combined with a prior 0.25% reduction implemented on 28th November, brings the total Interest Rate reduction to 0.75% over just two months.
I&M Bank customers impacted by the interest rate reduction have already been advised.
This proactive move underscores I&M Bank’s commitment to its brand promise, ‘On Your Side,’ by enhancing access to more affordable credit for Kenyans.
The Interest Rate reduction is expected to provide much-needed relief to businesses and individuals.
I&M CEO Gul Khan said the bank has taken the move as a way of always putting their customer first.
“At I&M Bank, we strive to prioritize our customers’ needs in line with our customer-centric approach to doing business.” Khan said.
“The interest rate reduction will lower operational costs for our customers in the Corporate, SME, and Personal Banking segments to achieve their growth ambitions. Interest rates are coming down in Kenya and this is good news for businesses and consumers.” He added.