Home Jambo Info Banking and Finance Most expensive banks in Kenya 2020

Most expensive banks in Kenya 2020

Currently, Kenya has a total of 43 commercial banks serving a population estimated to be approximately 52 million.

9 more foreign banks have shown the interest in setting up shop in Kenya which will make it 52 commercial banks.

One of the major services that Kenyans have been seeking from the majority of commercial banks is loans.

However, with the introduction of the interest capping cap, most banks refrained from the issuance of loans to their customers.

Most Kenyans turned to mobile loan apps to secure loans, most of which have been termed to have high-interest rates. Despite the capping of interest rates, some banks are still charging high rates on loans.

Most expensive banks in Kenya

Equity Bank 

Severally Equity Bank has been ranked  as the country’s most expensive bank by the Kenya Bankers Association and Central Bank of Kenya through the cost of the credit portal.

Barclays Bank 

Barclays Bank of Kenya came in second as the most expensive Bank with a total cost of credit of 118,127 shillings for a similar loan.

Family Bank

Family Bank came third with charges and interest of 112,807 shillings.

Standard Chartered Bank 

Family Bank was followed closely by Standard Chartered Bank

Bank of Africa 

Bank of Africa  came below with a total cost of credit standing at 112,207 shillings and 110,807 shillings respectively.

Interest on all bank loans is currently capped at 13 percent per annum but the total cost of credit varies depending on additional charges.

HF Group, Consolidated and Guaranty Trust Bank have little charges and thus making their loans the cheapest.

Big banks, which have the capacity to undercut their smaller rivals because of their larger economies of scale, have nonetheless continued to load the highest charges on their loans.

Popular Posts

KUCCPS Student Portal Login student.kuccps.net for 2021/2022 Admission Application

Kenya University and College Central placement service (KUCCPS) is a body that is responsible for admission of students to universities and colleges in Kenya....

How to create new TSC TPAD Account (https://tpad2.tsc.go.ke) for self appraisal

TPAD is a performance evaluation mechanism that assesses the performance of a teacher as per the set standards prescribed by the Commission. Section 52 of...

Links to the Best Telegram Channels/Groups in Kenya

Telegram channels are increasingly becoming the best and easiest media of communication in Kenya. Apart from communication, they are also a source of unending...

TSC Online Payslip 2021 Login; View, Download via tpay.tsc.go.ke

Teacher service commission (TSC) Payslip is a note given to teachers after they have been paid, detailing the amount of pay given, and the...

How to apply for TSC Internship jobs online through TSC Website (hrmis.tsc.go.ke)

Recently the Teachers Service Commission advertised 6,674 recruitment vacancies for intern teachers in a bid to cushion overstretched teaching force in public primary and secondary...