{
  "id": 8214373,
  "title": "Ruto calls on banks to lower credit cost as CBK marks 60th anniversary",
  "url": "https://urgent.news/2026/09/18/ruto-calls-on-banks-to-lower-credit-cost-as-cbk-marks-60th-anniversary",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-18T09:02:51.000Z",
  "source": {
    "name": "KBC",
    "slug": "kbc",
    "url": "https://www.kbc.co.ke/ruto-calls-on-banks-to-lower-credit-cost-as-cbk-marks-60th-anniversary/"
  },
  "original_language": "en",
  "account": "President Ruto addressed banking leaders at the Central Bank of Kenya's (CBK) 60th anniversary celebration, urging them to make credit more affordable and accessible for Kenyans. Despite the country's economic progress, many Kenyans and businesses still struggle to obtain affordable credit, which hampers investment, entrepreneurship, and job creation. During his speech, the President emphasized that strong banks are essential for a strong economy, not just for their own sake.\n\nRuto called on banks to lower the cost of credit and expand access to financing, especially for small businesses and ordinary Kenyans. He stressed the need for financial institutions to convert Kenyan savings into production, including funding agriculture, manufacturing, businesses, infrastructure, technology, exports, and enterprises. Although lending rates have decreased to 14.39% in July, they remain unaffordable for many Kenyans and businesses.\n\nThe President acknowledged that the CBK played a crucial role in stabilizing the economy during a period of high inflation, rising food and energy prices, fluctuating exchange rates, and a significant external debt maturity. He commended the Central Bank for its efforts in restoring financial stability, especially during a challenging period for Kenya's economic landscape.\n\nRuto also highlighted the importance of strong and independent financial institutions, particularly during times of economic uncertainty. He called for greater financial integration across Africa to unlock resources needed for development projects. He urged Africa to leverage its $4 trillion in financial assets across banks, pension funds, insurance funds, and capital markets to finance development initiatives.\n\nFinally, the President advocated for Africa to engage with the global economy from a position of greater financial strength, while simultaneously mobilizing more of its own capital for its own development.",
  "summary": "President Ruto has challenged Kenya’s banking sector to translate the country’s hard-won financial stability into more affordable and accessible credit for Kenyans, enabling households and businesses to benefit from the progress made in the economy over the past few years. Despite the improving economic environment, the President noted, affordable credit remains out of reach for […] The post Ruto…",
  "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."
}