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Treasury plans repeal of interest rate cap law - 10 months ago, 14 June 19:18

Citizen Reporter

After months of talk, the government has finally tabled its proposal to repeal the law capping interest rates in the country.

This after a consensus by the Treasury, the Central Bank of Kenya (CBK) and commercial banks over the failure of the law to spur lending to the private sector.

Speaking during the presentation of the 2018/19 budget, Treasury Cabinet Secretary Henry Rotich said plans were in motion to overhaul the lending ecosystem to encourage innovative solutions to avail credit.

Mr Rotich said the initiatives would create a fair, transparent, competitive, efficient and accessible credit market to serve the needs of borrowers.

“I propose to amend the Banking (Amendment) Act, 2016 by repealing section 33B of the said Act. This is to enable banks and other lenders to provide more credit especially to borrowers they consider riskier,” Mr Rotich said.

The law sets the maximum lending rate at no more than 4 per cent above ...
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