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{
    "id": 1095797,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1095797/?format=api",
    "text_counter": 309,
    "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": "The digital lending has been reported to overexploit people in the sense that every transaction is charged like the annual fee. Ten per cent per annum and this is sometimes per day. If you compute that, you will realise that somebody pays more than 2,400 per cent in a year assuming that they borrow six days in a week. This is huge because people lose a lot. I believe that when the Committee sits down to look at the Bill and come up with the law, they will look at possibilities of ensuring that there is taming of this excessive exploitation to the borrowers in terms of the interest rates that they pay per transaction. The Bill also gives the CBK powers to license digital lending of places and institutions that are going to be involved in this particular engagement. It further goes to determine the adequacies of resources to spell out penalties among others. So, it will basically regulate the entire digital transaction world. So, this is key at this particular point in time."
}