The Central Bank of Kenya has given Commercial Banks and mortgage finance companies two weeks to comply fully comply the 2016 Banking (Amendment) Act.

Is there a story unfolding in your community? Let Hivisasa know

According to a circular to banks, financial institution that charges borrowers more than the stipulated interest rates, or gives less interest on deposits than the stated rate will be fined Sh1 million or the bank's chief executive will be imprisoned for one year.

So far a number of top banks have complied with the new law by lowering interest rates.

Kenya Commercial Bank, Cooperative Bank and CFC Stanbic have announced that their loans will adhere to the new directive.