Kenya Bankers Association Rebrands

On Wednesday, the Kenya Bankers Association marked its 50 years of existence with a call to the banking industry in the country to work together to facilitate its growth.

The association, which boasts of 43 bank members under the banking act has rebranded, launching a website that will educate people on banking activities in the country, a new logo, and a set of new values.

Its new constitution accommodates new establishments such as Deposit-Taking Microfinance institutions (DTMs) which serve almost similar roles to commercial banks.

Speaking at the rebranding event, KBA’s CEO Habil Olaka emphasized on embracing technology to drive the industry services in the East African region.

The association has further indicated that reduction of interest rates by commercial banks is expected by the end of the month or at the beginning of next month. This comes after the recent lowering of the benchmark rate by central bank from 18 percent to 16.5 percent.

So far, only two banks, Barclays and Bank of Baroda have lowered the lending rates leaving the other commercial banks non-committal.