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{
    "id": 1095483,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1095483/?format=api",
    "text_counter": 342,
    "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": "constituencies because you wanted to send them money, I can bet that about six to seven of them would say: “Do not send to this number because it has Fuliza . Do not send to this number because I have delayed paying M-Shwari and they will take everything.” Young people, as defined by the Constitution, are those below 35 years. Quite a number of us, most politicians, myself included, find Fuliza fairly convenient, and if I am called because there is an emergency in the constituency, I do not have to stop talking to rush to the bank to withdraw money and go to the M-Pesa agent. I just pull out my phone, send the money and sort it out when I go home. However, as good and innovative as it is, there is probably a justifiable call to regulate the process. The interest rates are fairly high. Secondly, the danger and fear of violating privacy is forever with us. That is why any attempt to regulate is basically welcome. However, I am a bit concerned by the provisions of Clause 4 of the Bill that seek to amend Section 33(r) of the Central Bank Act in respect to setting conditions. What is the issue of capital adequacy all about? Those are guys who do not receive anybody’s money. They operate like shylocks using their own money by generating it in one way or another. Some of the conditions that are being set for registration, licensing and regulation should be relaxed in view of the role they play and the people they serve. The moment you increase them, you make it onerous and cumbersome to register. The more expensive you make it to comply, the more they will pass over that cost to the end consumer and reduce the lending. As much as it might be good, it will affect capital flow. I call it capital flow because many times, many people who borrow do so to service an order or purchase a consumer good that they require. Hon. Temporary Deputy Speaker, I know time is almost up. However, as I conclude, one danger that we must avoid in digital-lending is to create a situation where everybody thinks that whenever they have any need that is not necessary, they can always go for these loans. Obviously, the young people and the so-called mama mboga need to be very worried. Instead of us promoting technology fused with finance, some of us are going around singing them lullabies and telling them stories of bottom-up, whatever it is, promising them manna from heaven. With this kind of mentality, this group of people…"
}