Borrowers have received an early festive season boost after three of the country’s largest lenders cut their base lending rates, following a cue from the Central Bank of Kenya (CBK). The move is set to ease credit costs, in turn boosting customers’ consumer power ahead of peak Christmas and New Year spending.
Equity Group, the largest bank by customer base, KCB Group, the largest by asset size and Absa Bank Kenya, notified customers of the reduction, which aligns with a 25-basis-point cut in the Central Bank Rate (CBR) to 9.0 per cent announced by the CBK’s Monetary Policy Committee on December 9.
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`;
} else {
teaserEl.innerHTML = “”;
}
activeEl.innerHTML = “”;
paywallEl.style.display = “block”;
} else if (now >= saleStart && now <= saleEnd) {
paywallEl.style.display = “none”;
var diffToEnd = saleEnd – now;
var totalSeconds = Math.floor(diffToEnd / 1000);
var days = Math.floor(totalSeconds / (24 * 3600));
var hours = Math.floor((totalSeconds % (24 * 3600)) / 3600);
var minutes = Math.floor((totalSeconds % 3600) / 60);
var seconds = totalSeconds % 60;
activeEl.innerHTML = `
Offer ends in…
${days}Days
${String(hours).padStart(2,’0′)}Hours
${String(minutes).padStart(2,’0′)}Minutes
${String(seconds).padStart(2,’0′)}Seconds
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`;
} else {
teaserEl.innerHTML = “”;
activeEl.innerHTML = “”;
paywallEl.style.display = “block”;
}
}
function formatTime(ms) {
let totalSeconds = Math.floor(ms / 1000);
const days = Math.floor(totalSeconds / (3600 * 24));
totalSeconds %= 3600 * 24;
const hours = Math.floor(totalSeconds / 3600);
totalSeconds %= 3600;
const minutes = Math.floor(totalSeconds / 60);
const seconds = totalSeconds % 60;
return `${days}d ${hours}h ${minutes}m ${seconds}s`;
}
updateFlashSale();
setInterval(updateFlashSale, 1000);
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Borrowers have received an early festive season boost after three of the country’s largest lenders cut their base lending rates, following a cue from the Central Bank of Kenya (CBK). The move is set to ease credit costs, in turn boosting customers’ consumer power ahead of peak Christmas and New Year spending.
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By Brian Ngugi