TERMS AND CONDITIONS OF USE

Total Cost of Credit Website (www.costofcredit.co.ke)

1. Introduction and Acceptance of Terms

These Terms and Conditions (“Terms”) govern access to and use of the Total Cost of Credit website (the “Site”). The Site is operated by the Kenya Bankers Association (KBA) in partnership with the Central Bank of Kenya (CBK) as part of a joint initiative to promote transparency, comparability, and consumer understanding of the cost of credit in Kenya.

By accessing, browsing, or using this Site, you confirm that you have read, understood, and agreed to be bound by these Terms. If you do not agree with these Terms, you must not access or use the Site.

KBA reserves the right to revise or update these Terms at any time. Continued use of the Site following any changes constitutes acceptance of the revised Terms.

2. Purpose of the Site

The Site provides an indicative Total Cost of Credit (TCC) calculator and related informational content to assist users in understanding and comparing the probable cost of credit offered by banks and microfinance banks in Kenya.

The Site is intended solely for informational and educational purposes. It does not constitute an offer, quotation, recommendation, or solicitation for any financial product or service.

3. Credit Pricing Framework (KESONIA)

The loan cost estimates and comparisons displayed on the Site are based on the Kenya Shilling Overnight Interbank Average (KESONIA) and, where applicable, the Central Bank Rate (CBR), together with indicative lender-specific margins, fees, and charges applied in accordance with the prevailing regulatory framework and Central Bank of Kenya (CBK) guidelines.

KESONIA is a transaction-based benchmark rate that reflects the average interest rate at which banks in Kenya lend and borrow unsecured overnight funds in Kenyan Shillings. The CBK serves as the official administrator of KESONIA.

The Site reflects the application of risk-based pricing, whereby the final cost of credit incorporates borrower-specific risk assessments in addition to the applicable reference rate. Factors influencing risk-based pricing may include, but are not limited to, the borrower’s credit profile, repayment history, collateral, loan tenure, product type, and other lender-specific considerations.

The Site applies KESONIA, CBR, and other indicative inputs solely for the purpose of illustrating the potential total cost of credit under the prevailing credit pricing framework. All outputs are indicative and non-binding. Actual loan pricing may vary across lenders and borrowers due to changes in reference rates, risk assessments, fees, charges, and other commercial or regulatory considerations.

4. Use of the Calculator and Outputs

All calculator outputs generated on the Site are indicative, non-binding estimates only. They do not represent final loan terms or guaranteed pricing.

Users are responsible for ensuring that any data entered into the calculator is accurate. Neither KBA nor CBK is responsible for errors resulting from incorrect or incomplete user inputs.

Users are strongly advised to confirm all loan terms, pricing, and conditions directly with the relevant bank before making any financial decision.

5. User Eligibility and Obligations

The Site is intended for use by persons who are at least eighteen (18) years of age.

Users agree to:

• Use the Site only for lawful purposes.

• Not misuse, interfere with, or attempt to gain unauthorized access to the Site or its systems.

• Not use automated tools, scraping, or data extraction mechanisms without prior written consent.

• Any violation to these terms and conditions by misuse of data will be punishable as outline in the Data Protection Act and other Regulations.

6. Intellectual Property Rights

All content on the Site, including but not limited to text, data, graphics, logos, design elements, software, and calculator tools, is owned by or licensed to KBA and is protected by applicable intellectual property laws.

Users may access, download, or print content from the Site solely for personal, non-commercial use.
Commercial use, reproduction, redistribution, publication, or resale of any content or calculator outputs is strictly prohibited without prior written permission from KBA.

7. Third-Party Content and Links

The Site may contain references to third-party institutions or links to external websites. Such references or links are provided for convenience only.

KBA and CBK do not control, endorse, or assume responsibility for the content, accuracy, availability, or practices of third-party websites or services.

8. Disclaimers

8.1. General Disclaimer
The Total Cost of Credit calculator on costofcredit.co.ke is a public education and transparency tool provided by the Kenya Bankers Association, in collaboration with the Central Bank of Kenya to enable interested members of the public estimate loan costs.

Please note that:

• The computations provided are indicative and non-binding.

• The calculator does not constitute a loan offer, approval, or contract.

• Actual loan terms, interest rates, fees, and other charges may vary between banks.

• The Annual Percentage Rate (APR) displayed is an estimate and may change over time.

• Third-party charges included are estimates and may differ from actual costs.

• It is the responsibility of a borrower or a potential borrower to verify with a bank on the actual information on a loan product and the total cost.

8.2. Eligibility and Pricing Variability

A borrower’s eligibility for a loan, as well as the final interest rate and pricing, will depend on several factors determined by the lending bank. These may include, but are not limited to:

• A bank’s own terms and conditions.

• The length and nature of the borrower’s relationship with the bank.

• Account history and transaction behaviour.

• Existing banking or financial relationships.

• The borrower’s credit score and overall credit profile.

• The type, purpose, and risk profile of the loan.

• Anti-money laundering, countering financing of terrorism and countering proliferation financing (AML/CFT/CPF) obligations of banks.

Loan pricing may also be influenced by the Kenya Shilling Overnight Interbank Average (KESONIA), Central Bank Rate (CBR).

For an official and binding loan quotation, a borrower and potential borrower should contact a bank directly.

9. Limitation of Liability

To the fullest extent permitted by law, KBA and CBK shall not be liable for any loss or damage, whether direct, indirect, incidental, consequential, or otherwise, arising out of or in connection with:

• Use of, or reliance on, information or calculator outputs on the Site.

• Inaccuracies, omissions, or delays in content.

• Differences between estimated and actual loan costs.

• Technical failures, interruptions, or security breaches.

10. Role of the Central Bank of Kenya

CBK’s involvement in the Site is limited to regulatory oversight, policy guidance, and the provision of the KESONIA and Central Bank Rate.

CBK does not offer loans, endorse specific lenders, approve individual loan terms, or provide financial advice to users of the Site.

11. Privacy and Data Protection

11.1 Data Collection

The Site does not require user registration and does not collect personal data by default. Limited technical data (such as IP address, browser type, and usage statistics) may be collected automatically through cookies or similar technologies for analytics, security, and site improvement purposes.

11.2 Use of Data

Collected data is used solely to operate, maintain, and improve the Site. KBA does not sell or rent user data to third parties.

11.3 Data Protection

Any personal data voluntarily provided (for example through contact forms or email communication) will be handled in accordance with the Kenya Data Protection Act, 2019. Appropriate technical and organizational safeguards are in place to protect such data.

12. Suspension and Termination

KBA and CBK reserve the right to restrict, suspend, or terminate access to the Site at any time, without notice, where misuse, security risks, or violations of these Terms are identified. Add inaccuracies

13. Governing Law and Jurisdiction

These Terms shall be governed by and construed in accordance with the laws of the Republic of Kenya. Any disputes arising from or relating to these Terms, or the use of the Site shall be subject to the exclusive jurisdiction of the courts of Kenya.

14. Contact Information

For questions or concerns regarding these Terms, please contact:

Kenya Bankers Association
International Life House, Mama Ngina Street P.O. Box 73100–00200, Nairobi, Kenya
Email: info@kba.co.ke 

Central Bank of Kenya
Haile Selassie Avenue

P.O Box 60000 – 00200, Nairobi, Kenya

Email: comms@centralbank.go.ke 

NOTICE ON DISCREPANCY BETWEEN THE INFORMATION ON THE WEBSITE AND INFORMATION OBTAINED FROM A BANK

Where a person establishes that the information in this Website is different from the information obtained directly from a bank, on the same loan product, the person shall promptly report the discrepancy to the Central Bank through the following e-mail address: fin@centralbank.go.ke .

The report shall clearly disclose the customer details, the bank concerned, the loan product, the particulars of the loan product as reflected on the website, and the particulars of the same loan product as obtained directly from the bank. The extent of discrepancy or variation shall be explained in the report.