I&M Bank has announced a 0.75 per cent reduction in its interest rates, following the Central Bank of Kenya's (CBK) recent decision to lower the Central Bank Rate (CBR).

The first 0.25 per cent reduction took place on 28th November, and the latest 0.5 per cent cut will be effective from 23rd December 2024.

The reduction will affect customers across various sectors, including Corporate, SME, and Personal Banking.

The move is aimed at reducing the operational costs for businesses and individuals, as the bank adjusts to the shifting economic landscape.

Gul Khan, CEO of I&M Bank Kenya, highlighted the potential impact of this adjustment.

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“At I&M Bank, we strive to prioritize our customers’ needs in line with our customer-centric approach to doing business," Gul stated.

"The interest rate reduction will lower operational costs for our customers in the Corporate, SME and Personal Banking segments to achieve their growth ambitions. Directionally, interest rates are coming down in Kenya and this is good news for businesses and consumers.”

This latest adjustment is expected to provide financial relief to customers, particularly during a time of economic recovery and fluctuating interest rates.