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Originally published by Nation Business
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business
May 2, 2026
16h ago

MPs back sweeping reforms to curb runaway loan interests

MPs back sweeping reforms to curb runaway loan interests

Parliament accepts petition to rein in runaway interest of loans...

✨ Key Highlights

Kenyan MPs are backing sweeping reforms to curb exorbitant loan interests charged by unregulated lenders, following a petition to extend the in duplum rule to all financial institutions.

  • The in duplum rule, currently applicable only to banks, prevents interest from surpassing the principal loan amount.
  • Proposed changes, championed by former Law Society of Kenya President Allan Gichuhi and supported by the Attorney-General Dorcas Oduor and the Central Bank of Kenya (CBK), aim to protect all borrowers from predatory lending practices.
  • This move could impact trillions of shillings in the industry and may force some lenders, particularly digital lenders and microfinance institutions, out of business due to potential refunds of exorbitant charges.

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