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{
    "id": 1095465,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1095465/?format=api",
    "text_counter": 324,
    "type": "speech",
    "speaker_name": "Mogotio, JP",
    "speaker_title": "Hon. Daniel Tuitoek",
    "speaker": {
        "id": 13434,
        "legal_name": "Daniel Kamuren Tuitoek",
        "slug": "daniel-kamuren-tuitoek"
    },
    "content": ", M-Shwari, Tala and many others. The Bill comes at the right time because almost everyone has access to a phone and easy money from the digital lending platforms, which need a properly regulated market. Otherwise, people will accumulate too many loans which they cannot repay. Sometimes, you find that there is a strong drive to bring in the Credit Reference Bureau so that even when you default a very little amount of money, you are listed at the CRB. I know during this time of COVID-19, especially the last one year, the CBK left out the non-formal lending institutions from the CRB and this was a good boom for the young people and those who had borrowed from the platforms. I know this may be reinstated. I think it was reinstated and, therefore, it can still become a problem because you can be put on CRB for a little amount of money, which will prevent you from accessing loans from other institutions. So, this particular Bill is looking at regulating digital borrowing. I am also glad that the Chair of the Departmental Committee on Finance and National Planning said that they are not looking at an overkill in terms of reducing innovations or interfering with innovations in this area especially the digital industry, so that as we bring the regulations, we also allow innovations to continue. I know she talked of the issue of data protection because we also know how most of our data is exposed when we are dealing with digital platforms. We know some people tried to use it for not good intentions. Therefore, this Bill should also look at that carefully, so that it protects our information which we also use elsewhere. I know most of the borrowers are maybe on the bottom of the pyramid. When I heard my colleague, Hon. ole Sankok, talk about the hustler nation and the hustler economy, I totally agree with him that most of the borrowers are those who are unemployed. Most of youth who are unemployed try to eke a living from one point to another and maybe also mamambogas. So, we need to protect them because they are the people we need to support at this particular difficult time. Hon. Temporary Deputy Speaker, I totally support."
}