Gem MP Jakoyo Midiwo has said he will seek legal interpretation from the courts in case any bank charges their clients interest rates higher than 4.0 per cent above prevailing CBK rates.
Midiwo said he will be more than willing to cater for the legal fees accrued during the court process if any person will be charged more than what the law stipulates.
The legislator said this will ensure Kenyans benefit and be in a position to access loans.
He said with the new law, banks do not have any option but to adhere to the guidelines in the Act as .
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The MP told banks not to pretend to be waiting for regulations from the CBK, adding that the new law does not require such.
He pointed out that the numerous Harambees being conducted in the country is a sign that many Kenyans cannot have direct access to loans from financial institutions.
"About 70% of Kenyans are poor as a result of high interests. Banks must talk with other stakeholders on how to create wealth for Kenyans," he said.
Ugunja Mp Opiyo Wandayi said that it was high time the financial institutions implemented the new interest rate laws.
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