Borabu MP Ben Momanyi has thrown his weight behind a bill seeking to reduce interest rates charged by commercial banks from 8 per cent to a maximum of 4 per cent.
The Bill is currently in its Third reading and is being sponsored by House Deputy Minority Leader Jakoyo Midiwo.
Momanyi, who was speaking in Mokomoni on Tuesday, urged MPs to support the motion for the sake of making loans affordable to all citizens.
“I want to welcome the bill because it is long overdue. Our people have been suffering due to exorbitant interest rates charged by the banks with a lot of impunity. We want loans to be accessible to all Kenyans regardless of their social-economic status,” Momanyi said.
“This is the opportune moment for the MPs to support the historical motion that targets to promote equity and combat irregular interest rates. As an individual, I support the motion and i wish to invite my colleagues to do the same,” he added.
Momanyi also said the Bill will combat ‘irregular proceeds’ made by the banks, and challenged President Uhuru Kenyatta to sign the Bill into law once passed in the house.
“Once the Bill is passed, we will have combated irregular proceeds made by these banks through exploitation of ordinary Kenyans. I want to challenge the President to fight this with us so that we make interest rates affordable to millions of youths who are ready to go for loans and subsequently venture into entrepreneurship,” he said.
Photo: Ben Momanyi at a past function. The Borabu MP has welcomed a Bill seeking to reduce interest rates by commercial banks to a maximum of 4 per cent from the current 8 per cent. AMakori/Hivisasa.com