Kenya Commercial Bank (KCB) has cut interest rates on savings accounts even as many banks are expected to follow suit.

KCB dropped from 8.5% to 7%. Only National Bank has inducated it will stick with savers on higher deposit rates

The move from banks comes after the Finance Act 2018 removed the minimum banks were to pay.

This developmentĀ  vindicates Cofek view that without capping rates, banks will run amok and charge in excess of 30% interest on borrowings.

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