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{
    "id": 1095442,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1095442/?format=api",
    "text_counter": 301,
    "type": "speech",
    "speaker_name": "Homa Bay CWR, ODM",
    "speaker_title": "Hon. (Ms.) Gladys Wanga",
    "speaker": {
        "id": 590,
        "legal_name": "Gladys Atieno Nyasuna",
        "slug": "gladys-atieno-nyasuna"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker, for giving me this opportunity. I beg to move that the Central Bank of Kenya (Amendment) Bill (National Assembly Bill No. 10 of 2021) be now read a Second Time. It is important to give a brief background on the genesis of this Bill. As you may recall, this Bill was initially sponsored by the late Hon. John Oroo Oyioka. It was then the Central Bank of Kenya (Amendment) Bill (National Assembly Bill No.21 of 2020). At the time of the demise of the late John Oroo Oyioka, and may the Lord rest his soul in eternal peace, he was the Member for Bonchari. The Departmental Committee on Finance and National Planning had already engaged with various stakeholders. We had conducted public participation on this amendment Bill. But then, he passed on. After consultations with the Speaker, the Central Bank of Kenya and other stakeholders, we agreed that in his honour, we would re-publish the Bill as a Committee Bill carried by myself as the Chair. That is when it was re-published as the Central Bank (Amendment) Bill (National Assembly Bill No. 10 of 2021). So, I just wanted to recognise the amount of work and the passion that the late Hon. John Oroo Oyioka put into this Bill. It was his baby. It was a matter for which he was extremely passionate. I am sure that, wherever he is, he is happy that the Departmental Committee on Finance and National Planning has since taken up this amendment Bill. This amendment Bill broadly speaks to regulation of the digital lending sector. This is a nascent sector. It is new. It is serving the unreached and underserved. As the digital lending space is growing, there is need to begin to regulate the sector. People are happy to borrow. Right now if you look at the phones of many young people and even older people, they have up to 10 or 15 borrowing apps. They borrow from one to pay the other. When the other one is due, they borrow 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."
}