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{
    "id": 1095783,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1095783/?format=api",
    "text_counter": 295,
    "type": "speech",
    "speaker_name": "Kipipiri, JP",
    "speaker_title": "Hon. Amos Kimunya",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": "cent of the population of this country who could not enjoy banking services because they were inconsistent with their faith. Even as we go through this, as the Committee engages and the Central Bank looks into this and as the House comes with the law and the regulations, we be open to the fact that technologically, the world is moving. Who would have thought of driverless cars on the streets? Right now, that is the norm. A vehicle is driving itself on the streets. Even money should be able to be moving. All these crypto currencies is happening until even some Governments are thinking of investing in the crypto currencies or coming up with digital currencies. So, let us start with preparing for the future from that point even as we regulate these technology providers. As I conclude, I would also want to appeal to the current digital providers. I know it is a high risk business and obviously the higher the risk, the higher the costs. If they can work around with all this machine learning artificial intelligence and all the bits and pieces in terms of gathering information, they should be able to profile their customers not just for the themselves, but for the entire market, so that the naughty borrowers can be weeded out and those who need that rescue to go out for a weekend and pay or the mama mbogas . Hon. Temporary Deputy Speaker, I do not know whether you are aware of these facts that M-Shwari picks up around 3.00 a.m. to 4.00 a.m. in terms of the demand for the money because all the traders who go to Wakulima Market, Marikiti, borrow Kshs5,000 and they go and buy. They are entitled to that credit for a month. They will buy and sell for Kshs6,000 and make their Kshs1,000, but because they cannot trust themselves to have that money overnight because they might apply it to something else, they pay at night and tomorrow morning, they borrow again. Of course, the cost is a lot because they are paying the monthly rates everyday instead of just once in a month. I think these are some of the things that we need to start opening up so that first of all, we give them comfort that once you have borrowed your Kshs5,000 and you made your Kshs1,000 profit in the course of the day, there is a way this Kshs5,000 can be put safe for you so that your spouse does not demand it and then you default on the loan. These are all the things that we need to do. I can talk on this topic for a long time. I really enjoy it, but I want to encourage the Committee. I am happy the Vice-Chair of the Departmental Committee on Finance and National Planning is here. We can engage further as we come to the Committee stage to see how we fine tune this Bill to make sure it responds to the market and at the same time help innovation. Hon. Temporary Deputy Speaker, with those words, I support."
}