By CHARLES MWANIKIMore by this AuthorBanks will from next week publish information on the cost of credit for personal loans and mortgages on a common web platform, making it easier for customers to choose between lenders when seeking credit. “This will resolve the information asymmetry that customers have been having on the pricing of loans by different banks. The governor said that the move is meant to keep the cost of credit affordable. The cost of credit and access to information on pricing of loans has for long been difficult for Kenyan bank customers, who have been forced into tedious physical movement from bank to bank when comparing the cost of credit between lenders. Efforts have been made in the past to control the runaway cost of credit; the latest is the rate cap on loans at no more than four percentage points above the prevailing Central Bank Rate.

Source: Daily Nation May 30, 2017 18:33 UTC