September 1, 2016
Kenya introduces interest rate controls -The Banking (Amendment) Act 2016

Kenya has implemented The Banking (Amendment) Act 2016 which requires banks and financial institutions to disclose all charges and terms relating to a loan before granting it to a borrower and which requires banks and financial institutions to cap the interest rate applicable on a credit facility to a maximum of 4% above the prevailing Central Bank of Kenya base rate. The Banking (Amendment) Act 2015 also requires banks and financial institutions to pay a minimum interest rate of 70% of the prevailing Central Bank of Kenya base rate on deposits held in interest earning accounts in Kenya.

 

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Daly & Inamdar Advocates (previously known as Daly & Figgis) is a leading Kenyan law firm and a member of the Nextlaw Referral Network-In association with Dentons and Mackrell International, an international network of law firms ranked in Band 1 by Chambers Global

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Nairobi Head Office

ABC Towers, ABC Place, 6th Floor

Waiyaki Way

P.O. Box 40034

Nairobi-00100

Tel: (+254) 20 – 4297000 or 0711064000

Fax: (+254) 20 – 4448907

Mobile: (+254) 722/734 – 310304

 

Mombasa Office

Sea View Plaza, 1st Floor

Mama Ngina Drive

P.O. Box 80483

Mombasa–80100

Tel: + 254 (0) 716 430 651, 734 606 070 202 443 829

 

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