Nairobi News

HustleNews

Kenyans on Twitter call for low interest rates on M-Shwari loans

The Commercial Bank of Africa (CBA) on Tuesday became a trending topic on Twitter as users ganged up to push for low interest rates on their mobile loan service M-Shwari.

Using the hashtag, #CutMshwariInterestRate, users expressed their concerns of what they termed as high interest rates on M-Shwari loans that are making customers to be listed on the Credit Reference Bureau (CRB).

The bank had on Monday said it will not reduce the facilitation fee it charges on M-Shwari loans as demanded by the Consumers Federation of Kenya (Cofek).

The bank said the fee is not interest and is therefore unaffected by the Banking Amendment Act 2016.

The consumer lobby group had given the bank 48 hours to reduce the rates and comply with the new law.

Kenyans on Twitter descended on the bank throughout Tuesday morning as the expiry of the ultimatum issued by Cofek approached.

https://twitter.com/ConsumersKenya/status/778182615627071489