Kenya Bankers Association reacts to the Law capping interest rates

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Kenya Bankers Association reacts to the Law capping interest rates

25th August, 2016

President Uhuru assented to the law capping interest rates on bank loans ending days of guessing by the public. The President in his statement after endorsing the bill said Kenyans had bee disappointed and frustrated with lack of sensitivity by banks which levied huge interest rates. Below is the full statement from the President. On July 28, 2016, the National Assembly passed the Banking (Amendment) Bill, 2015.

The Bill intends to regulate interest rates that are applicable to banks’ loans and deposits, capping the interest rates that banks can charge on loans and must pay on deposits. In line with the Constitution of Kenya the Bill was presented to me, for appropriate action as required by law.

Since receiving this Bill, I have consulted widely and it is clear to me from those consultations that Kenyans are disappointed and frustrated with the lack of sensitivity by the financial sector, particularly banks. These frustrations are centred around the cost o

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