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{
    "id": 1011645,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1011645/?format=api",
    "text_counter": 262,
    "type": "speech",
    "speaker_name": "Sen. Cheruiyot",
    "speaker_title": "",
    "speaker": {
        "id": 13165,
        "legal_name": "Aaron Kipkirui Cheruiyot",
        "slug": "aaron-cheruiyot"
    },
    "content": "Thank you, Mr. Temporary Speaker, Sir. I rise pursuant to Standing Order No. 48(1) to seek a Statement from the Standing Committee on Finance and Budget regarding the operations of mobile money-lending platforms in Kenya. In the Statement, the committee should- (1) Provide a list of all the licensed mobile money lenders and explain the process followed in granting them operating licenses. (2) Explain whether the said mobile money lenders are permitted, through their licences, to constantly invite people to borrow through unsolicited messages and calls to potential borrowers. (3) State the reasons for mobile money lenders charging exorbitant interest rates which are not in conformity with the Central Bank of Kenya (CBK) capping on interest rates to be charged by financial institutions. (4) Outline the steps the national Government will put in place to mitigate against this digital borrowing that has become a social menace responsible for depression, suicide, divorce, family breakups and increased listing of loan defaulters by the Credit Reference Bureau. (4) Elucidate on the policy and mitigating measures that the CBK and Competition Authority of Kenya (CAK) have put in place to protect Kenyans from the exorbitant interest rates, harsh recovery processes, including forwarding names to the CRB and unauthorized usage of personal information by digital mobile lenders. Thank you, Mr. Temporary Speaker, Sir."
}