Nyando MP Jared Okello is planning to draft a bill that will compel President Uhuru Kenyatta to marshal two-thirds of members to support the controversial interest rate caps before it is approved.
The bill seeks to allow commercial banks to charge varied interest rates unlike in the past where they were under flat rate cap.
“I had wished that we reduce the interest rates to eight per cent so that wananchi can easily acquire cheap loans from commercial entities," Okello said.
He was speaking on Thursday on Mayienga FM. Okello said that the recommendation in his bill will be an uphill task for the president to rally more than 265 MPs to pass the bill.
“Initially, MPs used to be bought to either support the bill in large numbers or boycott sittings only to pass later with a simple majority,” he said.
Uhuru has rejected the interest rate cap bill and returned it to the National Assembly for consideration.
