×
App Icon
The Standard e-Paper
Read Offline Anywhere
★★★★ - on Play Store
Download Now

Ruto's cheap credit dream for hustlers dies

Vocalize Pre-Player Loader

Audio By Vocalize

President William Ruto speaks ay Kangeta Market, Igembe, Meru County, in January 2024. [PCS]

The banking regulator has dealt a massive blow to President William Ruto's ambitious dream of offering cheap credit to businesses and individuals, a year and four months into his presidency.

Borrowers are staring at expensive loans after the Central Bank of Kenya (CBK) increased its benchmark lending rate by 50 basis points to 13 per cent.

Premium Article

Get Full Access for Ksh299/Week.

Uncover the stories others won't tell. Subscribe now for exclusive access.
Continue Reading  →
What you get
  • Unlimited access to all premium content
  • Ad-free browsing experience
  • Mobile-optimised reading
  • Weekly newsletters & digests
Pay via
M - PESA
VISA
Airtel Money
Secure Payments Kenya's most trusted newsroom since 1902
By Joan Oyiela 13 hrs ago
Sports
Kipyegon storms to victory in DL opener
Sports
Kenya basks in 10,000m glory at African Senior Athletics event
Sports
Eldonets and Stanbic Aces win as UoN, Strathmore students falter
Sports
Athena revels in her success at global showpiece