Interest rates on existing loans unchanged, Co-op Bank tells customers

Standard Reporter  The Cooperative Bank of Kenya has advised its clients that it will  retain its existing interest rates for all ‘outstanding loans based on money market conditions.’
 A statement from the Co-op Bank through the CEO Dr Gedion Muriuki alleviates fears of
a possible revision of the interest rates following the presidential assent of Finance Bill 2019. It partially read:
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The lender has however exuded confidence that the law which removed the capping of interest rates will benefit the small mushrooming businesses in the country through cash flows. This is after President Uhuru Kenyatta signed the Finance Bill 2019 on November 7, 2019, where section 33B of the Banking Act, which provided for interest rates cap, was repealed.