GT Bank complies with new law on interest rates

Guaranty Trust Bank (GT Bank) has announced that interest rates on all existing and new loans will be capped at 14.5% effective September 2016.

Guaranty Trust Bank (Kenya) became the first mid-sized bank to comply with the new Banking (Amendment) Act 2015.

“In complying with the spirit of the new law, we will be capping the interest rates on all existing and new loans at the proposed rate of 14.5%.

The changes will be implemented beginning September 2016, ” said Ibukun Odegbaike, the Bank’s Managing Director for East Africa.

He said GT Bank supports the new law. “Our focus is ensuring that we continue to serve our customers diligently, meeting their banking needs through our suite of products and services while upholding high standards of customer service,” she added.

Guaranty Trust Bank is an International Bank headquartered in Lagos, Nigeria and listed on the main market of the London Stock Exchange.

The Bank entered the Kenyan market in 2013 and has been running a profitable business focused on corporate, commercial, mass affluent and high net worth individuals market segments.

[crp]