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{
    "id": 1095795,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1095795/?format=api",
    "text_counter": 307,
    "type": "speech",
    "speaker_name": "Tigania West, JP",
    "speaker_title": "Hon. John Mutunga",
    "speaker": {
        "id": 13495,
        "legal_name": "John Kanyuithia Mutunga",
        "slug": "john-kanyuithia-mutunga"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker for the opportunity to contribute to this very important Motion. We all appreciate the benefits we have received from the digital transformation that the world has undergone. There is a lot that happens today, faster than it ever used to be and especially in the money world. The card other than cash business is key and has helped transactions to traverse the globe and this has lessened the transaction time. This is really an important Bill. It has come at the right time although I would like to say that it has come when the bus has already taken off. The train has left the station because so much has happened already in the digital world. There is a lot of lending, there are many transactions and there is a lot that happens today. In supporting this Bill, I would like the Committee to look at how we shall ship this legislation to enable the CBK to catch up with what has been happening. Being a regulator, they need to be way ahead of all the others in terms of managing the entire transaction in the digital world. For them to reach there, then it is important for the Central Bank to move with speed and contain what is going on. Needless to say, there are very many losses that we probably cannot account for, especially loss of revenue in terms of taxes, loss of transaction cost that probably may benefit the country, and the huge cost that goes to the borrowers and the many transactions that go by. So, this particular Bill comes in to create some regulation within the digital lending world which is really important for us today. Almost everyone does ten or more transactions daily in the digital world."
}