44A.
Limit on interest recovered on defaulted loans. 45.
Minister to consult with the Central Bank..
The banking sector in Kenya is governed by the companies Act, the Banking Act, the central bank of Kenya act and the various guidelines issued by the central bank of Kenya (GOK)
One of the statutory objects of the Central Bank of Kenya under the Central Bank Act (Cap 491) is the promotion of financial stability through maintenance of a well-functioning banking system
“written law” means the Constitution, any Act of Parliament of Kenya, or any applied Act, and includes ,any orders, rules, regulations, by-laws or other subsidiary legislation made under any written law
[Act No 42 of 1951, s 2, Act No 54 of 1960, s 2, L N 427/1963, L N 124/1964, Act No 24 of 1967, Sch , Act No 1 of 2009, Sixth Sch ] 5In addition, there are several existing guidelines
The responsibility for monetary policy and the banking system is held by the Central Bank of Kenya, which also releases information about interest rates, banking guidelines, and the financial institutions
The Kenyan Micro Finance Act was adopted in 2006 and became active in 2008
