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Kenya Bankers Association says existing interest rates on bank loans will continue

The Kenya Bankers Association says existing interest rates on bank loans will continue for the moment until the law is changed. The chairman of the association Habil Olaka says the new interest rates may take effect after three weeks. He was speaking this morning a day after President Uhuru Kenyatta signed into law the bill on capping of interest rates on loans.

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Central Bank of Kenya on applicable interest rate on Micro Loans, KTN Prime 21st September 2016

The Central Bank of Kenya is working to fully operationalize the banking amendment act of 2016, even as it effects on the banking sector continue to become more apparent. There have been concerns over various aspects of lending, with a firm focus on mobile loans which are said to be outside the purview of the law.

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Related topics : bank loan interest rates