Kenya banks' association says banks will comply with law capping lending rates
24 August 2016, 18:14
Nairobi (Reuters) - Kenya's bank industry body said
on Wednesday its members will comply with an amended law
signed by President Uhuru Kenyatta capping lending rates, but
said it felt an arbitrary rate cap was not in the best interests
of most people and businesses.
"The reality is that there is little evidence from other
countries that such interventions have helped the majority of
citizens, and in a number of countries such laws have been
reversed to promote financial inclusion," the Kenya Bankers
Association said in a statement.