In Kenya’s ever-evolving economic landscape, access to affordable loans plays a pivotal role in empowering individuals and fueling entrepreneurial ventures.
Whether it’s a personal loan, a mortgage or working capital, the choice of a bank offering affordable loans can make a significant difference in one’s financial journey.
In this article, WoK highlights institutions that have emerged as the vanguards of affordable lending.
1. First Community Bank
First Community Bank (FCB) was established in 2007.
It was set up to operate according to Islamic Shari’ah law by private Muslim investors in Kuwait, Kenya and Tanzania.
The bank received a Kenyan commercial banking license in 2007, and officially started operations in June 2008.
Additionally, it is the first Kenya-based fully fledged bank to operate according to the laws of Shari’ah.
According to Business Daily, the bank has an interest rate of 9 percent.
Ecobank is a subsidiary of Ecobank Transnational Incorporated (ETI), a pan-African banking group headquartered in Lome, Togo.
It was established in 1996 as EABS Bank, and was acquired by ETI in 2008. The bank has a network of 16 branches and 29 ATMs across Kenya.
The financial institution offers a wide range of banking products and services as well as digital banking services.
Ecobank charges an interest rate of 10.7 percent.
3. HF Bank
HF Bank, also known as Housing Finance Company Limited, is a commercial bank in Kenya, regulated by the Central Bank of Kenya.
HF Bank was founded in 1965 as a mortgage finance company, and converted into a commercial bank later in 2006.
The bank has a network of over 100 branches and 200 ATMs across Kenya.
According to a report of Business Daily, HF Bank charges 11 percent interest rate.
4. Access Bank
Access Bank PLC, formerly Transnational Bank Kenya PLC, is a commercial bank in Kenya.
The lender offers a wide range of banking products and services to individuals, businesses, and government institutions.
These include savings accounts, current accounts, loans, mortgages and investment products. The bank also has a network of over 50 branches and ATMs across Kenya.
In terms of interest rate charges, Acces Bank demands 11.2 percent.
5. Consolidated Bank
Consolidated Bank of Kenya was incorporated in December 1989 under the Companies Act and is licensed under the Banking Act.
The bank offers a wide range of banking products and services to its customers, including savings accounts, current accounts, loans, mortgages and investment products.
Consolidated Bank also offers a number of electronic banking services, such as online banking, mobile banking, and ATM services.
It charges 11.6 interest rate.
Habib Bank AG Zurich (HBZ) is a commercial bank headquartered in Zurich, Switzerland.
The bank was established in 1967 and has a presence in over 40 countries, including Kenya.
HBZ Kenya was established in 1978 and has four branches, three in Nairobi and one in Mombasa.
The bank offers a wide range of banking products and services to individuals, businesses and corporates.
The bank charges 11.9 percent.
7. DTB Kenya
DTB Kenya is a commercial bank in Kenya.
It is a subsidiary of Diamond Trust Bank Group, which is headquartered in Nairobi.
DTB Bank was founded in 1946 and has over 69 branches across the country.
The bank offers a wide range of banking products and services, including current accounts, savings accounts, loans, mortgages and investment products.
DTB Bank demands 12.1 interest rate.
Citibank is a subsidiary of Citigroup, Inc, a global financial services company.
The bank was established in 1974 and has two branches in Nairobi and Mombasa.
The bank offers a range of products and services to corporate and institutional clients, including treasury services, trade finance and investment banking.
Citibank Kenya is the regional hub for the Citi East Africa cluster, which covers Kenya, Uganda, Tanzania and Zambia.
The lender charges 12.2 in interest rate.
9. KCB Bank
KCB Bank Kenya Limited is a financial services provider headquartered in Nairobi, Kenya.
The bank offers a wide range of banking products and services, including personal, business and investment banking services as well as insurance services.
KCB Bank has a network of over 300 branches and ATMs across Kenya, and also has a presence in Uganda, Tanzania, Rwanda, Burundi, Ethiopia and South Sudan.
According to Business Daily, the bank charges 12.3 percent interest rate.
StanChart is a subsidiary of the British multinational financial conglomerate headquartered in London, United Kingdom, known as Standard Chartered.
The bank was established in 1911 as the National Bank of India:
It was renamed Standard Bank of Africa in 1969, and then Standard Chartered Bank of Kenya in 1987. The bank has a network of over 100 branches and offices across Kenya.
StanChart charges 12.3 interest rate.