Nairobi, April 27 -- NCBA Bank Kenya has revised its lending rates upwards in a development that will, effective immediately, see new borrowers start paying more to get credit amid growing struggles on the ability of borrowers to service loans.

In a notice to customers on Monday, the lender said it has increased its base lending rate for shilling-denominated loans to 17.5 percent up from 16.5 percent while the rates for dollar loans will rise to 11.75 percent from 11 percent. Those with existing loans with variable rates will see their repayment costs rise from May 21.

"In view of the ongoing changes in the macroeconomic environment, we wish to inform you that NCBA Bank Kenya's base lending rates will increase from 16.5 percent per annu...