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{
    "id": 507001,
    "url": "http://info.mzalendo.com/api/v0.1/hansard/entries/507001/?format=api",
    "text_counter": 354,
    "type": "speech",
    "speaker_name": "Hon. Maanzo",
    "speaker_title": "",
    "speaker": {
        "id": 2197,
        "legal_name": "Daniel Kitonga Maanzo",
        "slug": "daniel-kitonga-maanzo"
    },
    "content": "Thank you, hon. Temporary Deputy Speaker, for giving me an opportunity to support this Bill this morning. I also want to take the opportunity to thank hon. Kabando wa Kabando for coming up with such creative ideas on how we can revitalize our banking in this country and especially to take care of young people in the country. As you notice, things have really changed in the recent past and now we have many young people involved in social media among other modes of communication like the internet, Facebook and twitter. Things have really taken a revolution turn in the world as far as communication is concerned. If we utilize the same ideas by amending old law to give it a new touch and changing our institutions such as the CBK then it will help a lot of Kenyans. It will give them a sense of belonging because there are many Kenyans who travel. I had an opportunity to work for the Ministry of Youth and Sports as a secretary and the Ministry of Co-operative Development where we were promoting youth SACCOs among other things. You will notice that many youths would leave the country because they felt they had no opportunity here; they could not invest here; they could not work here and so they would travel and work abroad where you will find that in those countries it is very expensive to stay. So whatever they earn turns out to be very little. One of the things being done and it can be very useful if this amendment comes to effect, and I believe it will because it has a lot of support in the country and in Parliament, is that the people working abroad, first of all, will want to invest in Kenya. They will send their money here. They were trying to set up a Diaspora SACCO so that people in the Diaspora could save in the country. So you will find they are collecting monies abroad to save it here, but when it comes here one of the best places to invest it is in Treasury Bills. Individuals and young people who have smaller savings could find themselves saving in a very stable base at the CBK. They have also talked about a bank to be contracted or getting into negotiations with the CBK so that it can act on its behalf wherever CBK is not represented. The CBK is not based everywhere in this country but other banks like the Cooperative Bank of Kenya are everywhere in the country, including in my constituency. So, if for example, the CBK was to go into partnership with the Cooperative Bank of Kenya, then they would be able to reach a bigger network of people down there who do not have the information. While other banks are promoting their own sales in advertisements, CBK The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}