End of cheap loans as Uhuru okays scraping of Interest rate by September

IMF Chief of Mission to Kenya Ben Clements when they appeared before the National Assembly Budget and Appropriation Committee Chaired by Kimani Ichungwa at County hall, Nairobi. [Photo by Boniface Okendo/Standard]

You may soon receive a notice indicating that the cost of servicing your loan has gone up, in case you borrowed money from a commercial bank.

The same hand President Uhuru Kenyatta used in August 2016 to take away banks’ freedom to charge customers’ the interest rates they wanted could soon hand the power back to the lenders.