Bank interest rates below 10% in 2-3 years

On 26 August 2025, President William Ruto promised that his plan is to ensure bank interest rates fall below 10% within the next 2-3 years. This targeted the high cost of credit that has been a persistent barrier to business growth and economic empowerment in Kenya.

In a notice dated May 5, CBK has reported that lending rates across commercial banks ranged from 10.80 percent to 18.57 percent. A few banks now offer some loans slightly above 10%, with the cheapest reported around 10.2%–10.8%, but not below 10%.
On the other hand, the average loan interest rates in Kenya have not gone below 10%. As of early 2026, the average commercial bank lending rate is still around 14.7%–14.8%, although it has been falling gradually.

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This Promise Tracker is an independent civic-accountability tool designed to monitor and document the progress of public commitments made by the Government of Kenya. Information presented on this platform is compiled from publicly available sources including government publications, parliamentary records, policy documents, and credible media reports. The classifications used in this tracker represent an evidence-based assessment by the platform’s researchers and should be understood as analytical judgments rather than official government determinations. While every effort is made to ensure accuracy and regular updates, the status of promises may evolve as new information becomes available. This website is not affiliated with or operated by the Government of Kenya.

Last updated: May 13, 2026 8:44 pm