Members of Parliament have embarked on a push to stop banks from introducing new interest rates on the old loans.
The move has been reached as MPs deliberate on the removal of caps on the interest rates.
The borrowers have found themselves in an awkward position after President Uhuru Kenyatta decided to reject the Finance Bill 2019 and ordered the same to be returned to parliament for further deliberation over the same.
Uhuru appealed to MPs to amend Clause 45, which will translate to the removal of the caps rates.
The National Assembly Finance Committee is now seeking to convince MPs to reconsider the stand of the President on the matter.
The document rooting for the removal of the caps rates has already been tabled in parliament. While declining the Bill, Uhuru cited the increasing number of shylocks as well as the reduction of loans.
The decision to overturn the decision of the President will only be achieve if the entire house or 233 Members of Parliament back the same.
“The committee, having considered the President’s reservations on the Finance Bill 2019, recommends that the House adopts the proposals by the committee to adopt the President’s reservations with amendments," the committee said in its report, as quoted by Standard.
The committee, which is chaired by Kipkelion East MP Joseph Limo, has resolved to find ways to protect old borrowers through compromise.