A majority of Kenyans hailed President Uhuru Kenyatta on Wednesday for assenting the Banking (Amendment) Bill, 2015.
The Bill was passed by Parliament on July 28, 2016, and intends to regulate interest rates that are applicable to banks’ loans and deposits, capping the interest rates that banks can charge on loans and must pay on deposits.
Uhuru said he has heard the plight Kenyans have been going through and there is need to take action.
“Since receiving this Bill, I have consulted widely and it is clear to me from those consultations that Kenyans are disappointed and frustrated with the lack of sensitivity by the financial sector, particularly banks. These frustrations are centred around the cost of credit and the applicable interest rates on their hard–earned deposits. I share these concerns,” Kenyatta said.
Kenyans received the news with craze congratulating the President.
“Uhuru Kenyatta has signed into law the interest capping bill. It’s good news,” Gathike wa Wairimu posted on facebook.
“Good news from State House President Uhuru Kenyatta has finally assented the much awaited Banking (Amendment) Bill that proposes the capping of interest rates,” Mzalendo Mzalendo wrote on facebook.