{
  "id": 8186215,
  "title": "President Ruto implores banks to lower credit costs, increase lending",
  "url": "https://urgent.news/2026/09/18/president-ruto-implores-banks-to-lower-credit-costs-increase-lending",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-18T05:35:57.000Z",
  "source": {
    "name": "Capital Business",
    "slug": "capital-business",
    "url": "https://capitalfm.africa/president-ruto-implores-banks-to-lower-credit-costs-increase-lending/"
  },
  "original_language": "en",
  "account": "On September 18, President William Ruto called on Kenya's banking sector to reduce the cost of credit and boost access to financing for Kenyans. He emphasized that affordable credit is crucial for investments, entrepreneurship, and job creation despite the country's improved economic environment. During the 60th anniversary celebrations of the Central Bank of Kenya (CBK), President Ruto urged banks to lower credit costs and expand lending, especially for small businesses and ordinary citizens, to translate financial stability into greater economic opportunities and improved livelihoods. While lending rates have decreased to 14.39% in July, they are still too high for many Kenyans and businesses. President Ruto acknowledged taking office in September 2022 amid high inflation, food and energy prices, rising exchange rates, and a major external debt maturity that could have crippled the economy. He praised the CBK for stabilizing the economy during a period of severe financial and economic pressures, with the central bank raising interest rates to curb inflation and tightening monetary policy. The President highlighted the importance of strong and independent institutions during economic uncertainty, stating that the CBK's role in restoring stability underscores the significance of such institutions. President Ruto also called for greater financial integration across Africa to unlock resources for development projects, emphasizing that Africa should leverage its $4 trillion in financial assets to fund projects. He stressed that Africa should engage with the global economy from a position of financial strength while mobilizing more of its capital for its own development.",
  "summary": "Despite the improving economic environment, the President noted, affordable credit remains out of reach for many Kenyans, constraining investment, entrepreneurship and job creation.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}