Millions of Kenyans have this evening taken to social media congratulating President Uhuru Kenyatta for ending impunity by bankers.
President Uhuru on Wednesday signed the Banking Amendment Bill 2015 that aimed at regulating interest rates charged by banks into law.
The President said he had consulted widely and had learnt that Kenyans were disappointed and frustrated by the insensitivity of the banks.
“These frustrations are centered around the cost of credit and the applicable interest rates on their hard–earned deposits. I share these concerns,” said the President.
Kenyans, as usual, stormed social media with comments like; "Congratulations are in order," Martha Karua wrote.
"Banks are stealing from us and stashing away billions in profits, plus hidden charges, how can you borrow a loan of 200k and end up paying an interest of 130k within 18 months only," wrote Nyani Mitini.
Mohamed Ali of Jicho Pevu also wrote, "Good news in 4 years, calling my bank now."
Meanwhile, bankers said they are committed to bringing down loan interest rates and thus welcome the President’s decision.