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.