By Seth Musisi
A Special Delegates Meeting
of Wevarsity Sacco
has passed a resolution
to lower interest rates on all
long term loan products to 12.9
per cent.
The Society, which draws
the bulk of its membership from
employees of Masinde Muliro
University of Science and Technology
and Kibabii University,
recently held a special meeting
in Kakamega to react to a move
by commercial banks to lower
their base lending rates to 14.5
per cent.
“The decision to lower our
rates is as a result of recent
amendments to the Banking
Act that has effectively brought
down bank lending rates to not
more than 4 per cent above the
Central Bank of Kenya rate,”
said Dr. Samwel Maragia,
Chairman of the Board of Directors,
Wevarsity Sacco. Wevarsity
Sacco serves the staff
of Masinde Muliro University
of Science and Technology
(MMUST), Kibabii University,
Kaimosi Friends’ University
College (KAFUCO), Lake
Victoria North Water Services
Board, ACCES and the
residents of Kakamega Town
among others.
Clarifying on some issues
of concern, the Chief Executive
Officer, Victor Kiptanui, told
the members that the Board
embraced the importance of
prudence while carrying out
what was expected of them.
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