Think carefully before scrapping interest cap

Recently, President Uhuru Kenyatta sent a Memo to Parliament detailing why the interest capping law should be repealed. He rejected the Finance Bill and called for repeal of section 33b of the Banking Act.

Sadly, information available indicates that National Assembly’s Finance and National Planning Committee has agreed with the Presidents’ arguments and only proposed that the status quo remain on existing loans in terms of interest rate and duration agreed.