Lobbyists warn over bill on banks' interest rates in Kenya

Lobby groups have threatened to call for mass action to pressure President Uhuru Kenyatta to sign the bill on banks' interest rates.

Yesterday, Consumer Federation of Kenya (COFEK) and civil societies under the National Civil Society Congress banner warned of the "mother of all strikes" if Uhuru failed to sign the bill into law by today midnight.

Claiming that some forces had already convinced the President not to assent the bill, they warned that Uhuru would witness the wrath of Kenyans on Wednesday.

"We cannot labour in pain when banks make immoral profits and others collapse with some Kenyans even committing suicide over the same," said COFEK Secretary General Stephen Mutoro.

Mr Mutoro alleged that cartels from the private sector operating in State House have been working round the clock to convince the President not to sign the Banking (Amendment) Bill 2015.

"This bill is in the interests of the poor who are the country's majority. Buying time for a win-win solution for banks and consumers (as the President claims) is not practical," said Mutoro.

He added: "It seems protest is the only language the Government understands."