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Giving interest rates a different name could give banks a loophole to escape the limitations of the rate cap after courts allowed Commercial Bank of Africa’s (CBA) M-Shwari to operate outside the law.
The High Court On Tuesday ruled against a suit by Consumer Federation of Kenya (Cofek) who had sued the Central Bank of Kenya (CBK) and CBA for non-compliance with the lending rates on M-Shwari service.
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