KCB, Equity bank shares slump again after rates cap

NAIROBI, KENYA: Shares in KCB Group, operator of Kenya's biggest bank by assets, fell by 10 percent at the start of trading on Friday as investors reacted to a government move to cap the level of interest that banks can charge borrowers.

Equity Bank, which serves millions of micro-borrowers, fell by a similar margin.

KCB's shares were trading at Sh27 ($0.2665) each while shares of Equity traded hands at Sh29.50 as of 0648 GMT.