The People ­ Monday
Date: 21.07.2014
Page 18
Article size: 47 cm2
ColumnCM: 10.44
AVE: 13180.88
KBA launcnes
online credib
calculabor
Bank customers can now compare
interest rates charged on loans
by different lenders through
smartphones and personal
computers.
This morning, Kenya Bankers
Association {KBA] is set to launch an
online credit management system
dubbed, Credit Calculator online
as part of its strategy to compel
its members to disclose hidden
charges on loans and define what
makes up total cost of a credit. The
system will also enable borrowers
calculate how to pay off credit cards
at cheaper interest rates and avoid
bad debts by improving their skills
on credit ratings.
Under a new standardised pricing
regime, its easy to understand the
interest rate component, bank
charges as well as third party costs
like legal fees, insurance costs,
valuation fees and government
levies.
­ Conrad Otieno
Ipsos Kenya ­ Acorn House,97 James Gichuru Road ­ Lavington ­ Nairobi ­ Kenya