Supreme Court of Kenya’s Landmark Decision: Banks Must Seek Treasury Approval Before Increasing Interest Rates
Introduction The Supreme Court of Kenya’s ruling in Petition No. E005 of 2023, involving Stanbic Bank Kenya Limited and Santowels Limited, has ushered in a significant development in the regulatory landscape of Kenya’s banking sector. The decision underscores the need for banks to obtain approval from the Cabinet Secretary for the National Treasury before increasing…