Kenya: Activist Sues CBK, Bankers Over Interest Rates Capping Formula

5 September 2016

Nairobi — Activist Okiya Omtatah has sued the Central Bank of Kenya (CBK) and Kenya Bankers Association (KBA) over the new interest rates cap.

Omtatah argues that the law requires them to charge a maximum of 12.9 percent and not 14.5 percent, adding that the difference between the interest rates prescribed by law and what is charged by the banks is 1.6 percent.

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