@KenyanWallStreet

High Court Rules Rate Cap Unconstitutional - 2 months ago, 14 Mar 18:34

Kenyan Wallstreet

A Nairobi high court has ruled that a key part of the Banking (Amendment) Bill, 2015, better known as Rate Capping law, is unconstitutional.

A three-judge bench argued that the provisions of the law “to be vague, imprecise, ambiguous and indefinite” and thus declared null and void.

The petition challenging the law was presented to court by Mr. Boniface Oduor.

The court however granted parliamentarians a window to “reconsider the provisions of the banking act”.

The court said that its declaration will not take effect for a period of 12 months from the date the decision was made. It is to allow banks and customers time to adjust to the change. This will also allow law makers to review the law and make amendments as ...
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