Jakoyo Midiwo heads to court over interest rates

Gem MP Jakoyo Midiwo has vowed to seek legal interpretation from the courts in case any bank charges their clients higher than 14.5 per cent interests rates.

Midiwo said he is willing to cater for the legal fees accrued during the court process so as to ensure that Kenyans benefit and be able to access loans.

He said that the banks do not have an option but to adhere to the recently signed Bill by President Uhuru Kenyatta that lowered the interests rates.

The legislator told the banks not to pretend to await regulations from the Central Bank of Kenya (CBK) saying that the new law does not require any amendments.

Speaking during a funds drive at Nyanya SDA church in North Gem Ward, Midiwo said that there is still need for more interventions to bring down the cost of living among Kenyans.

He pointed out that the numerous harambees being conducted in the country is a sign that many Kenyans cannot have direct access for loans from financial institutions in the country due to their high interests rate.

He at the same time stated that about 70 per cent of Kenyans are poor as a result of high interests, and therefore called on banks to have a discussion with other stakeholders on how to create wealth for Kenyans.