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Frequently Asked Questions


Q. What is APR and will it make loans cheaper?

  • There are various costs associated with a loan. These costs range from bank fees and charges to third party costs, such as legal fees, insurance, and government levies.
  • When taking up a loan, a borrower often focuses on the bank interest rate; however, this is just one of the loan cost components. Therefore, to better determine the total cost, a formula should be used to compute the various elements into a numeric representation (a percentage rate). When this percentage rate is based on a r a 12 month period, it is called the Annual Percentage Rate (APR).
  • In most countries APR is mandated by law. But in Kenya, the banking industry has proactively adopted the APR model in conjunction with the Central Bank of Kenya’s requirement that banks provide customers with the Total Cost of Credit (TCC) and Loan Repayment Schedule.
  • While the APR and TCC disclosures do not have directly and immediate effect on the cost of credit, customers will be empowered to shop around for the loan products that meet their needs.
  • The enhanced transparency will therefore stimulate competition within the banking industry thus contributing to more competitive interest rates for customers with a good credit track record.

Q. What do I do when I am not given this information by my bank or if am charged more than was initially in the APR?

This information is the right of every bank customer. Customers should raise any issues with the relevant customer care representatives or the banks’ head office. Customers can also email and a Kenya Bankers Association member of staff will facilitate a response from the bank.

Q. Can I calculate the APR for myself?

Yes. Every bank customer can access the Total Cost of Credit template and APR calculator on the KBA website at The customer will still need to ascertain the accuracy of the costs from the bank so as to ensure that the self-computed APR is accurate. However, the APR calculator will provide a good indication of what to expect.

Q. Is this different from the bank’s base lending rate?

  • Yes it is different. A bank’s base lending rate is a benchmark that a bank computes to determine its standard interest rate. Once it has this ‘base’, the bank will add a premium based on the risk margin of the customer and other factors. While there is one ‘base’ lending rate for a bank at a given time, the APR is customer-specific, transaction-specific and product-specific.
  • It is important to note that banks will be transitioning away from quoting the base lending rate in line with the current initiative by the Central Bank of Kenya and Kenya Bankers Association to introduce the uniform refence rate across the industry.
  • Ultimately, what a customer should know is the Total Cost of Credit and the APR. And that the reference rate would already be factored in the APR computation.

Q. Is APR the only basis of comparing cost of credit from different banks?

  • The APR is only one of the factors that a prospective loan applicant can use to make a decision.
  • Other factors are the additional value that the bank is providing including supplementary services and flexible repayment terms.

Q. Which other initiatives are banks working on to address high interest rates?

  • The banking industry in collaboration with Central Bank is spearheading a number of interventions to enhance credit access. These initiatives, which are at different stages of implementation, include: the Credit Information Sharing initiative which will enable banks to price their loan products based on individual customers’ risk profile; and development of a Reference Rate upon which banks will replace the Base Rate and serve as a standardized reference rate for all banks.
  • Through the Committee on Increasing Private Sector Credit and Mortgage Finance Chaired by National Treasury, KBA has also proposed several other measures meant to address the inefficiencies that contribute to higher costs within the financial services industry, including reforms within the Ministry of Lands.
  • It is important to note that the high interest rate regime is not permanent; once market stability is attained, rates trend downwards, as we have seen in the recent past. A good signal that the market is indeed responding to the decline in interest rates is the increased uptake in credit during 2013 and First Quarter 2014 (as reported by the Central Bank).


Q. What is iTax

(Integrated Tax Management system) iTax is a system that enables taxpayers to file returns electronically, make payments and enquire about their tax status online.

  • Kenya Revenue Authority (KRA) has partnered with Consolidated Bank to enable taxpayers pay taxes at the branches through the iTax system.

Q. How do I pay taxes using the iTax system?

  • A tax payers logs into KRA website ( to generate an e-slip
  • After generating the e-slip, the customer walks into any Consolidated Bank branch and makes the payments
  • Q. What is an e-slip?

    An e-slip is an electronic ticket that contains the taxpayer’s details i.e. name, PIN number, amount of tax due.

    Q. For how long is an e-slip valid?

    An e-slip is valid for seven (7) days from the moment it has been generated from the KRA website.

    Q. What if the e-slip is invalid?

    If the e-slip is found to be invalid the customer has to go back to KRA website for another e-slip.

    Q. What are the modes of paying taxes under the iTax system?

    Cash (This is applicable to both CBKL and non-CBKL customers) For Consolidated Bank Customers one can use their cheque but their A/Cs must be funded

    Q. What does the customer get after paying tax at Consolidated Bank?

    The customer is provided with a receipt print out indicating that the taxes have been paid.

    Q. What are the charges for using iTax?

    CBKL will not charge for paying taxes under the iTax system.

    Q. What types of taxes are payable under iTax?

    All domestics taxes are payable under the iTax system.


    Q. How long does it take for me to receive my cheque book once I place the order?

    It takes 4 working days from the day you make the application to when you receive the cheque book.

    Q. How long does it take for me to receive my ATM card and pin?

    It takes 7 working days for the ATM card to be ready whereas the pin is sent to your mobile phone.

    Q. What should I do upon the expiry of my ATM card?

    All you need to do is visit any branch and your new card will be issued to you. In addition, you can visit any branch a month before expiry to renew the card.

    Q. What should I do incase my ATM card is lost or stolen?

    You should report the card stolen/lost by calling our toll free number 0800720039 or 0703016016 or WhatsApp 0729111637 for the card to be stopped. You will then visit any of our branches for instant issuance of a new card.

    Q. What should I do if I forget the password of my ATM card?

    For Chip & PIN card, we do not re issue another PIN. Instead you have to request and pay for another card.

    The same case applies when a card is swallowed/stuck in another Bank’s ATM.

    Q. What should I do if I want to increase the ATM withdrawal limit on my card?

    Visit any branch and fill in a form indicating the new amount. The current limit is KES 40,000.

    Q. What should I do if am interested in opening an account or applying for a loan and cannot visit the branch?

    You can call the branch nearest to you and have them send the Direct Sales Team to assist you with the process.

    Q. Does the Bank offer Mobile Banking Services?

    Yes, it does. Please see more details under ‘E-Banking’

    Q. What do you need to transfer money abroad?

    The swift code of the Bank and the recipient's account details. The Bank’s swift code is CONKKENA.

    Q. Does the bank undertake CSR activities?

    Yes it does. Please see more details under ‘CSR’

    Q. Does the bank offer mobile/ phone banking services?

    Yes it does. Please see more details under ‘E cell banking’

    Q. Does the bank offer trade finance facilities?

    Yes, it does. Please see more details under ‘Trade Finance facilities’

    Q. Does the bank provide LPO financing?

    Yes, it does. Please see more details under ‘Solid Loop’