The Supreme Court of Kenya has issued a landmark ruling mandating that banks must obtain Treasury approval before raising loan interest rates.

This decision brings much-needed clarity, confirming that banks cannot act unilaterally in charging fees or interest rates.

Should banks now refund borrowers for interest rate hikes made without approval? Or is it time for borrowers to consider litigation for a refund? Let’s discuss the implications of this ruling and what it means for both banks and consumers.