Kiambu Town MP Jude Jomo has hailed President Uhuru Kenyatta for assenting to the Banking (amendment) bill, 2015.
The MP, the bill's sponsor, said he was excited with the President's bold decision and thanked Kenyans for their support.
The Banking (Amendment) Bill 2015 was by the President on Wednesday.
It regulates interest rates at no more than four per cent of the base rate set and published by the Central Bank of Kenya (CBK).
It also pegs the minimum interest granted on a deposit held in interest earning account to at least 70 per cent of the base rate set and published by CBK
"I urge the banks to embrace the new law in the spirit of developing our beloved our country," he said in a statement from Rome, Italy, where he joined other Catholic legislators from across the world for prayers and conference.
Read: