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{
    "id": 1095482,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1095482/?format=api",
    "text_counter": 341,
    "type": "speech",
    "speaker_name": "Funyula, ODM",
    "speaker_title": "Hon. (Dr.) Wilberforce Oundo",
    "speaker": {
        "id": 13331,
        "legal_name": "Wilberforce Ojiambo Oundo",
        "slug": "wilberforce-ojiambo-oundo-2"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. Chances are very high that I will close the Floor for the day. I support the Central Bank of Kenya (Amendment) Bill (National Assembly Bill No.10 of 2021) that is amending the Central Bank Act to provide for digital-lending and regulations for digital-lending. Since time immemorial, people have had to borrow. In my life before I came here, we used to say that debt is cheaper than equity and that nobody has ever made money using their own money. So, borrowing has been with us over time. It has metamorphosed over time in different ways. The need to settle some bills, invest and meet some urgent financial obligations will always arise. However, with the traditional way that banks operate, they are unable to respond to the changing needs of the typical borrower, human being and consumer in this new age. Typically, you require three to four weeks or months to get a loan from the bank. That is why digital-lending started shylocking to fill the gap that was created by the very bureaucratic banking procedures. However, the emergence of digital-lending has dragged very many people into it with very severe negative consequences. As my colleagues have said, if you call 10 people in our 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."
}