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Sources from Kenya, notably The Nation Kenya, have said that the government has compelled all commercial banks and mortgage finance companies to ensure that they cut the cost of loans and fully implement the 2016 Banking (Amendment) Act.
The Central Bank Kenya, the country’s apex bank, has given commercial banks and mortgage finance companies up to September 14 to cut the cost of loans in accordance with .
This was made known in a circular sent to banks by the Central Bank. The statement further said that any financial institution that charges borrowers more than the stipulated interest rates, or gives less interest on deposits than the stated rate will be fined Sh1 million or the bank’s chief executive will be imprisoned for one year.