Former president Daniel arap Moi has hailed President Uhuru Kenyatta for approving the law capping interest rates.
According to the Nation, Moi said the Banking (Amendment) 2016 Act will ensure more Kenyans to access credit thus uplift their living standards.
Moi who spoke in Nakuru town during the rebranding of Transnational Bank urged the bank to embrace the new interest rates to attract more customers.
“As a bank, you have an obligation to stimulate the economy by providing prudent financial management that Kenyans can trust because not everybody can be a custodian of their hard-earned money,” said Moi as quoted by the Nation.
He said the county’s economy is dependent on agriculture and upcoming agribusiness ventures which he stated need financial support to create jobs for the youth and boost food production.
He said Kenya will make a big stride in its development agenda if Kenyans shun tribalism. “We cannot develop this country by engaging in tribal talks and politics,” he said.
He called on civil servants, entrusted with safeguarding taxpayers money, against misusing public funds.
“Those entrusted with the public funds should make sure even Sh10 or Sh50 in their custody is not misused,” said the retired president.
He asked government agencies to trace all the monies lost through corruption and bring the culprits to book.