The Online Kenyan Logo

The Online Kenyan

K
Originally published by Kenyans
📰 Read Full Article
top
January 27, 2026
1d ago

Why You Might Be Owed a Refund for That High Interest on Your Loan

Why You Might Be Owed a Refund for That High Interest on Your Loan

Despite high interest rates, some banks are gradually increasing the rates over time as one continues to pay the loan...

✨ Key Highlights

A recent Supreme Court ruling in Kenya has offered a significant win for loan borrowers, clarifying that banks cannot unilaterally increase interest rates even if their contracts allow it. This decision opens the door for Kenyans who have been overcharged to claim refunds or damages.

  • The Supreme Court ruled that banks must obtain approval from the Cabinet Secretary in charge of finance before raising interest rates, as per Section 44 of the Banking Act.
  • The ruling stems from a dispute where a company successfully sued a bank for charging higher interest rates despite having paid them for several years, arguing the bank's discretion was not limitless.
  • Some banks were reportedly charging up to 25.5 per cent in interest while the Central Bank Rate (CBR) was significantly lower, leading to widespread frustration among borrowers.

Continue Reading

Read the complete article from Kenyans

📰 Read Full Article
Advertisement

Related News

KCSE 2025 results are out: How to check online (and why you might be seeing errors)
tech2w ago

KCSE 2025 results are out: How to check online (and why you might be seeing errors)

The Kenya National Examinations Council (KNEC) has officially released the 2025 KCSE examination results, as announced by Cabinet Secretary Hon. Julius Migos Ogamba. While nearly a million candidates can access their results online, the digital portal is currently experiencing significant technical difficulties due to high traffic.

T
Techish Kenya
📰 Read Full Story
Why your next hospital visit in Kenya might include both a doctor and a licensed herbalist
Video

Why your next hospital visit in Kenya might include both a doctor and a licensed herbalist

N
NTV Kenya (Youtube)
3w ago
Why Kenyans are not taking bank loans despite falling interest rates
9h ago

Why Kenyans are not taking bank loans despite falling interest rates

This article discusses why Kenyans are not taking bank loans despite falling interest rates, a significant economic trend within the country.

T
The Standard Business
📰 Read Full Story
Why Military and Police Recruitment Insist on Teeth, Height, and More
top1w ago

Why Military and Police Recruitment Insist on Teeth, Height, and More

Military and police recruitment in Kenya, specifically for the Kenya Defence Forces (KDF) and National Police Service, enforce strict physical requirements like height, dental health, and vision, which often lead to public debate and frustration among aspiring recruits. These standards are justified by the services for operational readiness, equipment handling, and psychological perception, despite criticisms of potentially excluding capable individuals.

K
Kenyans
📰 Read Full Story
KRA Sets New Interest Rates for Employee Loans and Office Perks
top6d ago

KRA Sets New Interest Rates for Employee Loans and Office Perks

The Kenya Revenue Authority (KRA) has set new interest rates for employee loans and fringe benefits at 8 per cent for the first half of 2026. This directive provides crucial guidance for employers on calculating taxable benefits and ensuring compliance with tax laws.

K
Kenyans
📰 Read Full Story
Advertisement