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Phone dealers sue Stanbic Bank for allegedly overcharging on Sh100m loan

Stanbic Bank branch on Kenyatta Avenue, Nairobi. [File, 

Two businessmen have sued Stanbic Bank over Sh101 million loan whose interest they say has been accumulating.

In the case filed at the Commercial Court, the businessmen, Nasser Abdulhamid and Makarim Omar, accuse the bank of allegedly breaching the duplum rule as the amount they have paid so far is four times more than the loan they had taken.

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