Co-operative Bank Releases Bad News to its Customers

Customers banking with cooperative bank woke up to bad news from the financial institution.

The bank which is one of the most popular in Kenya announced that it was increasing its lending rates.

Here is the mass text send to its employees.

Dear Esteemed Customers,

Following the recent adjustment of the Central Bank Rate (CBR), we wish to advise you that our new Base Lending Rate for Kenya Shilling credit facilities will now be 13% per annum with effect from 7th August 2023.

We thank you for your continued patronage of the bank and look forward to serving you more.

Co-operative Bank became the second institution to raise the lending rates after NCBA.