Trans Nzoia governor Patrick Khaemba has today welcomed the new lending rule passed by the national assembly which puts a ceiling on the rates that commercial banks charge borrowers at 14%.
He said that high interest rates discourage investments and lauded President Kenyatta for assenting to the bill.
“It is not proper that commercial banks charge exorbitant rates that discourage borrowing and investment and the new rule is a welcome move,” he said.
The governor was speaking at the Canaan New Life Church in Kwanza during the Arise and Shine Women Conference that kicked off on Tuesday.
He also supported efforts to reform the Independent Electoral and Boundaries Commission (IEBC) saying that free and fair elections can only be conducted by a legitimate polls body that is perceived to be impartial.
Addressing over 1,000 church women, Khaemba challenged the church to pray for the county for good leadership.
He donated Ksh. 150,000 for the week-long church conference of women.