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The Kenya Commercial Bank (KCB) has not issued any loan on its mobile platform since the new law that caps interest rates came into force.
On its part, Equity Bank has introduced additional fees on top of the 14 per cent maximum interest rate that banks are allowed to charge, while the Commercial Bank of Africa (CBA) has warned that it may shut down M-Shwari if it is forced to lower its facility fee from the current 7.5 per cent to 1.2 per cent.
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