Nicholas Karani Njebi*
The Banking (Amendment) Act of 2016 enacted by the Kenyan Parliament was envisioned with the intentions of stabilizing lending and deposit taking transactions by financial service providers such as banks. However, the emerging reality is of a banking industry living through the significant effects of this Banking (Amendment) Act of 2016. The effects have resulted in opposing conversations with those in support of continued implementation of the Act and those calling for its repeal. Some of these effects are positive such as protecting customers from exploitation by greedy financial institutions. Other effects are negative such as declining capacity for banks to give loans and decrease in the ability of customers to borrow. In the face of these effects the banking sector has realized the unsustainability of the Act. The sector is calling for its repeal with several suggested ways forward such as diversifying funding sources for various economic activities. However, whether one is in support of the Act or calling for its repeal, the reality is that the Kenyan banking space has undergone a serious disruption. This calls for sustainable ways forward in regulation, customer protection and cultivating growth of the banking industry.
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