The Court of Appeal has directed Stanbic Bank #ticker:SBIC to refund over Sh10 million to a former customer who sued the lender for overcharging interest rates to loans advanced decades ago.
A bench of three judges faulted the lender, saying the amount charged to Santowels Ltd, a manufacturer of sanitary towels, was above what had been set by the Central Bank of Kenya in 1997, hence illegal.
