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{
    "id": 1095473,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1095473/?format=api",
    "text_counter": 332,
    "type": "speech",
    "speaker_name": "Kiharu, JP",
    "speaker_title": "Hon. Ndindi Nyoro",
    "speaker": {
        "id": 13370,
        "legal_name": "Samson Ndindi Nyoro",
        "slug": "samson-ndindi-nyoro"
    },
    "content": "Let me come back home. I have to say there is a very worrying trend in this country. Fintech should bring about efficiency within the finance sector. However, in Kenya, we have fintech fostering slavery. The people who cannot pay are the ones being lent. Therefore, it perpetuates slavery. You find that many of the young people in this country have one loan or the other in these applications because the kind of borrowing that we are encouraging in this country is based on consumerism. People borrow to consume at the expense of borrowing to grow, to invest and promote industrialization. I think that is why we have many evils of borrowing. Since my time is almost up, I want to say before this House that there is a company called Safaricom PLC, which is 35 per cent owned by the taxpayers including myself. Therefore, they are answerable to me as a taxpayer. They need to tell this House, as we encourage fintech, who is the beneficial owner of Fuliza and M-Shwari. Many Kenyans are lied to that most of these platforms belong to Safaricom PLC. To their dismay, the reality is that Safaricom markets these platforms, but some of them are owned by the people in the leadership positions in this country. The lending rates of these applications are astronomical. When a hustler borrows Kshs1,000 and they are told they need to pay back with Kshs50 per day, that is five per cent per day and it is not 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."
}