Capping of Bank interest rates revoked as President Uhuru signs the 2019 Finance Bill

President Uhuru Kenyatta signs Appropriation Bill, 2019 into law at State House in Nairobi on June 28, 2019. PHOTO | PSCU

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 BY PSCU,NAIROBI,7TH NOV 2019-President Uhuru Kenyatta  has signed   into law the Finance Bill 2019 revoking the bank interest rates . The bill was singed  at State House, Nairobi .The Finance Act 2019, among other provision, repeals section 33b of the Banking Act that provides for the capping of bank interest rates.

According to  capital Fm ,the new law also introduces tax on income raised from the digital marketplace as a measure of ensuring equity in taxation.

The repeal of section 33b of the Banking Act is expected to enhance access to credit by the private sector especially the Micro, Small and Medium Enterprises (MSME’s) as well as cut out exploitative shylocks and other unregulated lenders.

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