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Law Capping interest rates
Rank: Elder Joined: 7/28/2015 Posts: 9,562 Location: Rodi Kopany, Homa Bay
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newfarer wrote:Doomsday prophets, you can say what you want to say but all I can say my existing Barclay loan that has been a pain in the wrong place is now bearable. Same for me. They called me to sign some form for the new rate and were begging me to take a top up.
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Rank: Elder Joined: 6/23/2009 Posts: 14,321 Location: nairobi
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16.9m Equity Bank shares traded today. Interesting times COOP, IMH, KEGN, KQ, MTNU
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Wamunyota wrote:I see SBG have revised their charges
EFT Payments 0 > 132
RTGS Payments 1000> 495
TT 0 > Kes 1,500 or 1% of the value of the payment, whichever is higher. Remains 0 for TT
Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 3/2/2009 Posts: 26,331 Location: Masada
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Pesa Nane wrote:Wamunyota wrote:I see SBG have revised their charges
EFT Payments 0 > 132
RTGS Payments 1000> 495
TT 0 > Kes 1,500 or 1% of the value of the payment, whichever is higher. Remains 0 for TT
What is TT and why is it prized cheaper than the rest? Does it take a week for funds to reflect while transfered thrugh TT? Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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Impunity wrote:Pesa Nane wrote:Wamunyota wrote:I see SBG have revised their charges
EFT Payments 0 > 132
RTGS Payments 1000> 495
TT 0 > Kes 1,500 or 1% of the value of the payment, whichever is higher. Remains 0 for TT
What is TT and why is it prized cheaper than the rest? Does it take a week for funds to reflect while transfered thrugh TT? I got this also, it means Telegraphic Transfer, I have never used it or never knew it was an option until yeaterday To Each His Own
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Rank: Veteran Joined: 11/2/2006 Posts: 1,206 Location: Nairobi
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MaichBlack wrote:KulaRaha wrote:Seems the Governor is not as enthusiastic as the rest of you:
Kenya central bank: commercial bank lending may be hit by cap on rates - Reuters News
NAIROBI, Sept 21 (Reuters) - Kenya's cap on commercial bank lending rates is complicating monetary policy and, alongside a cut in the benchmark interest rate, may lead to a decrease in commercial bank lending, the Kenya central bank governor said Wednesday.
Those borrowers deemed to be higher risk are likely to find it more difficult to secure loans after the central bank cut its key lending rate by half a percentage point or 50 basis points to 10 percent on Tuesday, Patrick Njoroge told a new conference.
(Reporting by George Obulutsa; Editing by Katharine Houreld)
As I said earlier, The Governor of Central Bank must be one pissed off Kenyan. He was totally against rate capping and he wrote a very elaborate piece in the Business Daily (I believe) before the law was signed explaining why rate capping is NOT a good idea. Then the president signs the bill into law despite his advice, treasury's advice and the advice of all none political advisor and you tell him to implement the law. I am sure were it not for his love of the country, he would have resigned! He is not in this for money after all. But I am sure he fears if he leaves we might have (a) Kiunjuri as the next Governor of Central Bank and the economy might just go to the dogs. He probably believes he can contribute more/better from the inside, but don't be fooled, the guy is pissed off!!! Watermelon kind of answers from a man forced to implement an unsustainable law. Interview With CBK GVNFormally employed people often live their employers' dream & forget about their own.
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Rank: Elder Joined: 7/22/2009 Posts: 7,910
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bird_man wrote:MaichBlack wrote:KulaRaha wrote:Seems the Governor is not as enthusiastic as the rest of you:
Kenya central bank: commercial bank lending may be hit by cap on rates - Reuters News
NAIROBI, Sept 21 (Reuters) - Kenya's cap on commercial bank lending rates is complicating monetary policy and, alongside a cut in the benchmark interest rate, may lead to a decrease in commercial bank lending, the Kenya central bank governor said Wednesday.
Those borrowers deemed to be higher risk are likely to find it more difficult to secure loans after the central bank cut its key lending rate by half a percentage point or 50 basis points to 10 percent on Tuesday, Patrick Njoroge told a new conference.
(Reporting by George Obulutsa; Editing by Katharine Houreld)
As I said earlier, The Governor of Central Bank must be one pissed off Kenyan. He was totally against rate capping and he wrote a very elaborate piece in the Business Daily (I believe) before the law was signed explaining why rate capping is NOT a good idea. Then the president signs the bill into law despite his advice, treasury's advice and the advice of all none political advisor and you tell him to implement the law. I am sure were it not for his love of the country, he would have resigned! He is not in this for money after all. But I am sure he fears if he leaves we might have (a) Kiunjuri as the next Governor of Central Bank and the economy might just go to the dogs. He probably believes he can contribute more/better from the inside, but don't be fooled, the guy is pissed off!!! Watermelon kind of answers from a man forced to implement an unsustainable law. Interview With CBK GVN True true!! Even reiterating that they (CBK) had raised their concerns about the law before it was signed and those concerns remain!!Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Veteran Joined: 8/16/2009 Posts: 994
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kayhara wrote:Impunity wrote:Pesa Nane wrote:Wamunyota wrote:I see SBG have revised their charges
EFT Payments 0 > 132
RTGS Payments 1000> 495
TT 0 > Kes 1,500 or 1% of the value of the payment, whichever is higher. Remains 0 for TT
What is TT and why is it prized cheaper than the rest? Does it take a week for funds to reflect while transfered thrugh TT? I got this also, it means Telegraphic Transfer, I have never used it or never knew it was an option until yeaterday TT is used for overseas payments. Charging 1% of transaction value appeared crazy thus the downward revision. This is somebody that has already paid around 2% when trading shares then you charge another 1%! Total greed! Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
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Rank: Veteran Joined: 8/16/2009 Posts: 994
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guru267 wrote:Impunity wrote:bird_man wrote:Impunity wrote:bird_man wrote:So KCBMpesa is not lending anymore and Equity has reduced the Equitel loan limits! What are the new limits? Have they also reduced the Ezzyloan limits? Yes they have...from 30K to zero and with no communication even. As is, one can only borrow mshwari given KCB is also out of the loan game for now. I still think interest capping is a mistake. Accessing unsecured loans right now is impossible..so what happens to us juakali people with no assets to secure? Use welding machine as a collateral. The Banks will choke the living daylights out of Wanjiku until there are protests to reverse this useless law... Meanwhile they will shift focus to corporate customers, high net worth individuals, T bills and regional subsidiaries... @guru267, after reading most of your posts I can now conclude that you have come back - i.e. you no longer subscribe to the notion that "charging interest is Haram". Let us remain this way - making money with banks doesn't make one "Kafir". Let us buy slowly and fatten our dividends when thing look up once again. Iam loving the blood.  Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
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Rank: Elder Joined: 7/22/2009 Posts: 7,910
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Gatheuzi wrote:guru267 wrote:Impunity wrote:bird_man wrote:Impunity wrote:bird_man wrote:So KCBMpesa is not lending anymore and Equity has reduced the Equitel loan limits! What are the new limits? Have they also reduced the Ezzyloan limits? Yes they have...from 30K to zero and with no communication even. As is, one can only borrow mshwari given KCB is also out of the loan game for now. I still think interest capping is a mistake. Accessing unsecured loans right now is impossible..so what happens to us juakali people with no assets to secure? Use welding machine as a collateral. The Banks will choke the living daylights out of Wanjiku until there are protests to reverse this useless law... Meanwhile they will shift focus to corporate customers, high net worth individuals, T bills and regional subsidiaries... @guru267, after reading most of your posts I can now conclude that you have come back - i.e. you no longer subscribe to the notion that "charging interest is Haram". Let us remain this way - making money with banks doesn't make one "Kafir". Let us buy slowly and fatten our dividends when thing look up once again. Iam loving the blood. Let me tell @Gatheuzi, we will be paying school fees for our kids with dividends from banking stocks only. You just need balls of steel. Buying pole pole. This year and next year MIGHT not be so nice, but come 2018 and beyond, sema kukulia kwa kitanda!! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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