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Banks face loan refunds risk from illegal charges
Kenya Bankers Association (KBA) Chief Executive Officer (CEO) Raimond Molenje makes his remarks during the release of the 2024 Banking Customer Satisfaction Report held at the Radisson Blu Hotel on February 12, 2025.
Banks are facing financial exposure worth billions of shillings after courts ruled that lenders cannot alter interest rates on loans without formal approval from the Treasury Cabinet Secretary.
In two separate decisions, judges have ruled that Stanbic Bank and Spire Bank breached the law after changing their lending rates without approval from the Treasury.
