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{
    "id": 804922,
    "url": "http://info.mzalendo.com/api/v0.1/hansard/entries/804922/?format=api",
    "text_counter": 200,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "Kenya Fund by merging Uwezo Fund, Youth Enterprise Development Fund and Women Enterprise Development Fund. The consolidation of the funds will result in a stronger institution with a larger balance sheet that is better and able to make the investments in technology needed in a modern financial sector and support the provision of longer-term finance that the MSMEs require. In order to enhance access to credit and minimize the adverse impact of the interest rate capping on credit growth while strengthening financial access and monetary policy effectiveness, I propose to amend the Banking (Amendment) Act, 2016, by repealing Section 33B of the said Act. This is to enable banks and other lenders to provide more credit especially to borrowers they consider riskier. Mr. Speaker, Sir, in order to sustainably deal with inadequacies in consumer protection and unregulated lending in the financial sector, we have developed a Financial Markets Conduct Bill, 2018, that comprehensively addresses these issues, and does away with piecemeal and fragmented legislation on consumer credit. The Bill also addresses the problems of predatory lending and reckless behavior by credit providers; exploitation of consumers by debt collectors; lending without regard to a borrower’s ability to repay leading to high levels of indebtedness; deceptive pricing and abusive collection techniques. The draft Financial Markets Conduct Bill, 2018 is currently undergoing stakeholder consultations before the Cabinet considers it in due course."
}