@NairobiWire

Law Capping Interest Rates is Unconstitutional, High Court Rules - 2 months ago, 15 Mar 06:52

Richard Kamau

The section of the Banking Act that introduced capping of interest rates is unconstitutional, a high court in Nairobi has ruled.

A three-judge bench comprising of Judges Francis Tuiyot, Jackline Kamau and Rachael Ngetich made the ruling on Thursday following a petition filed by a Nairobi resident Boniface Oduor in 2016.

The petitioner moved to Court to challenge the Banking (Amendment) Act 2016 which capped interest rates at four percent above the Central Bank Rate (CBR), which currently stands at 9%.

“The court has found provisions of sections 33 B (1) and (2) of the Banking Act to be vague, imprecise, ambiguous 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 Commercial and Admiralty Division court suspended the enforcement of the ruling for 12 months to give ...
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