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August 16, 2026
1mo ago

Blow to Borrowers as Court Issues Directives Affecting Bank Loan Interest Rates

Blow to Borrowers as Court Issues Directives Affecting Bank Loan Interest Rates

The court decision comes days after CBK maintained the lending rates at 8.75 per cent to keep inflation expectations anchored amid rising global economic uncertainties and risks linked to higher oil prices...

✨ Key Highlights

The High Court has granted banks and financial institutions a temporary reprieve, allowing them to adjust loan interest rates without seeking prior approval from the National Treasury.

  • The court suspended a provision under Section 44 of the Banking Act that mandated Treasury Cabinet Secretary approval for interest rate hikes.
  • This decision follows a challenge by the Kenya Bankers Association (KBA).
  • The order remains in effect pending the determination of a case at the Court of Appeal.

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Part of the Day's Coverage

Kenya Railways Updates as SGR Hits Full Capacity - August 2026

The Standard Gauge Railway is operating at full capacity due to increased demand, prompting calls for more coaches. Kenya Railways has confirmed they currently have no additional coaches available to meet this surge. In a separate legal development, the High Court granted banks and financial institutions a temporary reprieve, allowing them to adjust loan interest rates without seeking prior approval from the National Treasury. Meanwhile, the Kenya Ports Authority is significantly enhancing security measures at the Port of Mombasa in response to escalating global maritime threats.

Kenya Railways Issues Update as SGR Hits Full Capacity
Kenya Railways Issues Update as SGR Hits Full Capacity

Kenyans

Inside Mombasa Port’s New Security Measures Amid Rising Maritime Threats
Inside Mombasa Port’s New Security Measures Amid Rising Maritime Threats

Kenyans

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