<p style="text-align: center"><strong><u>JUDGMENT OF THE COURT</u></strong></p><p style="text-align: justify"><strong> A.             INTRODUCTION</strong></p><p style="text-align: justify"><strong>[1]   </strong>This appeal is premised on Article 163(4)(b) of the Constitution. It was filed pursuant to leave issued by the Court of Appeal by its ruling of 17th February, 2023. The matters certified as being of general public importance, revolve around the question of whether banks and financial institutions are required to seek approval of the Cabinet Secretary responsible for matters relating to Finance (Cabinet Secretary) envisaged under Section 44 of the Banking Act (Cap 488 Laws of Kenya) prior to increasing rates of interest on loans and/or facilities advanced to their customers. Concomitantly, whether the issue of interest is simply a contractual matter subject to mutual negotiation by the institutions and their customers.</p><p style="text-align: justify"><strong> B.          BACKGROUND</strong></p><p style="text-align: justify"><strong> <em>(i)  Factual History</em></strong></p><p style="text-align: justify"><strong><em> </em>[2]   </strong>At one point, Stanbic Kenya Limited (the appellant) and Santowels Limited (the respondent) were in a bank/customer relationship which led to the appellant granting th…</p>