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On November 7, 2019, President Uhuru Kenyatta signed the Finance Bill 2019, which repealed section 33B of the Banking Act, effectively removing the interest rates cap.
Despite this change, Co-op Bank has stated that it will maintain its existing interest rates for all outstanding loans based on money market conditions, alleviating fears of a possible revision.
According to a statement from the Co-op Bank's CEO, Dr Gedion Muriuki, the lender is confident that the law will benefit small businesses in the country through improved cash flows.
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