- Those opposed to the cap on interests have said that banks should be left to regulate themselves.
- Mr Midiwo dismissed the notion that banks should regulate themselves.
- The Bill provides that banks cannot exceed four per cent of the Central Bank base lending rate, which currently stands at 10.5 per cent.
- Mr Wamatangi said: “President Uhuru should make a decision that will be suitable to all Kenyans.”
Leaders from the two leading coalitions, Cord and Jubilee, on Tuesday morning united in asking President Uhuru Kenyatta to sign into law a Bill seeking to cap interest rates, saying Kenyans were banking on it.
Speaking on NTV’s "AM Live" morning show, the legislators said President Kenyatta should sign the Bill to protect Kenyans.
The Banking Act (Amendment) Bill was sponsored by Kiambu Town MP Jude Njomo.
It provides that banks, which have enjoyed a free hand in setting loan rates, cannot exceed four per cent of the Central Bank base lending rate, which currently stands at 10.5 per cent.
Those opposed to the cap on interest have said that banks should be left to regulate themselves, arguing that capping interest rates may reduce the amount of credit available to Kenyans.
But speaking on NTV, Senators Boni Khalwale (Kakamega, UDF) and Kimani Wamatangi (Kiambu, TNA), and MPs Mithika Linturi (Igembe South, TNA) and Jakoyo Midiwo (Gem, ODM) said the President should apply his mind rationally in signing the Bill into law.
“All Kenyans are united on what the President needs to do on the interest Bill, and he should not ignore this,” Dr Khalwale said.
Mr Midiwo dismissed the notion that banks should be allowed to regulate themselves.
“We are dealing with a rogue industry that is not ready to listen to anybody (and that is why they must have caps on their rates),” said Mr Midiwo.
State House spokesman Manoah Esipisu on Sunday said President Kenyatta would today (Tuesday) receive the Bill from National Assembly Speaker Justin Muturi.
The President will have 14 days to pronounce himself on the Bill.
“President Kenyatta should listen to the cry of Kenyans and sign the interest rates Bill. Kenyans are banking on it,” said Mr Linturi.
Mr Wamatangi said: “President Uhuru should make a decision that will be suitable to all Kenyans.”