The architect of the rate capping law is fighting to retain the Act after sponsoring an amendment to the Finance Bill, 2018 to reverse a proposal that seeks to abolish loan interest limit.
Kiambu MP Jude Njomo has filed a notice seeking to delete clause 58 of the Bill to retain the interest capping at the maximum rate of not more than four percent, the base rate published by the Central Bank of Kenya (CBK) which has lowered the cost of borrowing for many Kenyans and promoted economic growth.
