Barely two weeks after signing of banking bill, MP brings motion to...

Barely two weeks after signing of banking bill, MP brings motion to lower Mshwari and Okoa jahazi rates

SHARE

Barely two weeks after the president signed a bill to compel banks to lower their interest rates, Kikuyu MP Kimani Ichung’wa has revealed that mobile phone loans charging high rates will have to cap their annual interests rates too after it emerged that mobile phone loans have been charging high interest rates ranging between 60 and 100 percent per annum.

The Kikuyu legislator is also working on a bill that will regulate other mobile lending platforms such as airtime advance products like Okoa Jahazi.

If the motion is passed and signed in to law, a loan of Sh 1,000 paid in 30 days will attract an interest of Sh 12 compared to the current Sh 60 to 100.

 

Loading...


Tired of losing to the likes of Sportpesa, Betin, Betway etc Try this site and win DAILY!!! Join them and Start Winning daily, plus 10 SURE TIPS DAILY!!! CLICK HERE