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Commercial banks win as court rules interest caps unconstitutional - 2 months ago, 14 Mar 19:02

Benjamin Muriuki

Commercial Banks in the country are all smiles after the High Court in Nairobi on Thursday declared the Banking (Amendment) Act 2016, which capped interest rates, as unconstitutional.

A three-judge bench made the ruling following a petition filed by a Nairobi resident Boniface Oduor, who moved to court in 2016 to challenge the law which capped interest rates at four percent above the Central Bank Rate (CBR), which is currently at 9%.

“The court has found provisions of sections 33 B (1) and (2) of the Banking Act to be vague, imprecise, ambigous and indefinite… The court therefore declares the sections 33B(1) and (2) of the Banking Act to be null and void,” ruled the court.

However, the court has delayed the revert-back to the old interest rate regime for 12 months taking into account, the existing commitments between banks and their clients under prevailing rates.

“However, mindful of the possible ramifications and disruption ...
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