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Banks likely to exploit flaws in new rates law
A demonstration against high interest rates organised by the Consumers Federation of Kenya (Cofek). Instead of making a solid plan to ease the burden of millions of borrowers saddled with expensive loans, the banks sought to appease parliamentarians. PHOTO | FILE
Banks have over the years disregarded legal measures instituted to cap interest rates, posing a real danger to the newly-passed Banking (Amendment) Bill, 2015.
A series of laws in force at different periods from the 1980s were largely neglected, with thousands of borrowers suffering while only a few with legal muscle got redress.
