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Wednesday November 6, 2019 - Banks will now be at liberty to set their own interest rates.

This is after MPs failed to overturn President Uhuru Kenyatta's reservations on the Finance Bill 2019.

The MPs were unable to raise the required quorum to retain interest caps. 

Only 160 MPs were present out of the required 233 votes needed to retain the caps in a bill introduced by Kiambu MP, Jude Njomo.

President Uhuru Kenyatta declined to assent to the Finance Bill 2019 on October 17, after MPs moved to retain interest caps introduced in September 2016. 

The President argued that the caps ended up causing "unintended effects that are significant and damaging to our economy.”

In a memorandum sent to MPs, Uhuru argued that the caps had forced banks to change their focus from SMEs to large corporate borrowers. 

“It is apparent that the capping of interest rates has caused unintended effects that are significant and damaging to our economy and in particular, the Micro Small and Medium Enterprises (MSMEs) which are the hardest hit,” read part of the memo.


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