Co-op Bank Offers Lowest Lending Rate Among Tier One Banks-CBK Report

The Central Bank of Kenya (CBK) has released a detailed report highlighting the wide-ranging differences in interest rates charged by banks on loans across the country.

The report exposes a stark contrast in lending practices, with some banks offering rates below 10 percent per annum, while others charge as much as 24 percent, underscoring the need for borrowers to be discerning when choosing a lender.

Among Tier One banks, Cooperative Bank has distinguished itself with the lowest overall lending rate at 15.18 percent.

This has positioned the cooperative bank as a top choice for borrowers seeking competitive rates from well-established financial institutions.

This rate is significantly lower than many of its peers in the same category, reflecting Cooperative Bank’s commitment to providing affordable financial solutions to its customers.

Premier Bank and Access Bank are offering the lowest interest rates in the market, with Premier Bank at an impressive 9 percent per annum and Access Bank at 11.15 percent per annum.

These rates present attractive options for borrowers looking for cost-effective financing.

In contrast, Middle East Bank was identified as the most expensive lender in the CBK report, with an overall lending rate of 20.96 percent per annum.

Cooperative Bank’s competitive rate among Tier One banks not only highlights its strong position in the market but also demonstrates its ongoing efforts to support its customers with more favorable lending conditions.

This approach aligns with the bank’s broader strategy of enhancing financial inclusion and making banking services more accessible to a wider range of Kenyans.

The coop bank was recently  named as the Overall Winner of the Banking Industry Customer Satisfaction Survey conducted by the Kenya Bankers’ Association (KBA).

The bank was also named the winner in the Tier One Bank Category, marking the second consecutive win for Co-op Bank having also won the overall title for the year 2022.Co-op Bank Group Managing Director & CEO Dr Gideon Muriuki commented on the award stating: “Co-op Bank will continue to invest substantial resources in building the teams, the tools and the technologies to deliver a fulfilling customer experience across all our service channels.”