Central Bank of Kenya Seeks Public Feedback on Online Platform for Comparing Loan Products
- The Central Bank of Kenya (CBK) launched the Total Cost of Credit (TCC) website and explained how it works
- The banking regulator issued a statement outlining why it was necessary to redesign the platform that was unveiled in 2017
- It set a deadline for the general public, commercial bank clients, mortgage finance companies, and microfinance bank customers to fill out the survey
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The Central Bank of Kenya (CBK) has launched a survey to gather feedback on the Total Cost of Credit (TCC) website.
Source: Getty Images
The platform, unveiled in June 2017, was developed to help borrowers fully understand the cost of credit before taking out loans.
It also aims to encourage openness in the banking industry.
Why does CBK want to redesign TCC?
However, the banking regulator noted that although the website has made banking products more transparent, it has not kept up with the changing financial scene, which is why a platform redesign is necessary.
"The platform was developed to promote transparency in the banking sector and to help borrowers clearly understand the full cost of credit before taking out loans. The TCC website has become an important tool for individuals and businesses seeking to compare loan products offered by different financial institutions.
While the website has increased transparency for banking products, the website has not kept up with the evolving financial landscape, hence prompting the need to revamp the platform. Following this need, CBK is conducting a survey to gauge customer experience with the website," it stated.
How can Kenyans submit views on TCC?
According to CBK, the survey's objectives are to evaluate its usability, pinpoint areas for development, and strengthen its contribution to the advancement of financial literacy and responsible borrowing.
CBK asked the general public, commercial bank clients, mortgage finance companies, and microfinance bank customers to fill out the survey.
"The survey link can be accessed at the Total Cost of Credit Website Customer Experience Survey and should be completed by July 15, 2025," it stated.
"In case of any difficulties accessing the form or any related queries, you may contact CBK via email at fin@centralbank.go.ke," it added.
Source: Getty Images
What is the Central Bank Rate?
In June 2025, the Central Bank of Kenya (CBK) reduced the base interest rate from 10% in April 2025 to 9.5%.
In May 2025, the average lending rate for Kenya's commercial banks fell to 15.4%, but the percentage of non-performing loans (NPLs) rose to 17.6%.
Commercial bank lending to the private sector increased as a result of the average loan rate drop, rising from 0.4% in April and -2.9% in January 2025 to 2% in May 2025.
Which banks offer the highest/cheapest loan rates?
In related news, CBK shared data showing the average interest rates for 38 of the nation's commercial banks.
The highest lending rate, 20%, was reported by Commercial International Bank Kenya Ltd., followed by Access Bank Kenya (19.98%).
Conversely, Citibank Kenya provides the lowest lending rate of 10.82%, with Stanbic Bank Kenya Limited coming in second at 12.84%.
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Source: TUKO.co.ke
