The High Court has declared unconstitutional the section of the Banking Act that introduced controls on cost of loans, leaving borrowers at the mercy of Members of Parliament who have 12 months to amend the irregular clauses.
Justices Francis Tuiyot, Jacqueline Kamau and Rachel Ngetich ruled that Section 33 (B) (1) and (2) of the Banking Act is vague, imprecise, ambiguous and indefinite and therefore unconstitutional.
