Kenyans will have to adjust their seat belts come January 2024 as a result of higher interest rates on loans that will be slapped by lenders.
This is after the Monetary Policy Committee (MPC) of the Central Bank of Kenya increased the CBK rate to 12.5 per cent from 10.5 per cent.
“This will ensure that inflationary expectations remain anchored while setting inflation on a firm downward path towards the 5.0 percent mid-point of the target range,” CBK said.
Reacting on the same, the Founder and Managing Director of Jijenge Credit Limited Mr. Peter Macharia Kamau noted,
“The main reason why cbk is increasing interest rates is to reduce the current inflation rate from where it is to the central bank preferred rate of 2.5%.”
Jijenge Credit Limited is Kenya’s leading credit only microfinance and offers a wide range of loans which are disbursed in less than one hour.
Jijenge Credit Limited Managing Director Peter Macharia Kamau wished all clients, stakeholders and Kenyans at large Happy Holidays and a Blessed and prosperous Year 2024