This archive report was first published on 10 November 2019.
On November 7, 2019, President Uhuru Kenyatta signed the Finance Bill 2019, which repealed section 33B of the Banking Act and removed the interest rates cap.
Following this development, Co-op Bank CEO Dr Gedion Muriuki has assured clients that the lender will temporarily retain its existing interest rates for all outstanding loans based on money market conditions.
The bank's decision aims to alleviate fears of a possible revision of the interest rates, which were previously capped.
However, Co-op Bank has expressed confidence that the new law will benefit small businesses in the country through improved cash flows.
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