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{
    "id": 1095798,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1095798/?format=api",
    "text_counter": 310,
    "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 world as we all know has gone digital, and we cannot bury our heads in the sand without trying to catch up with the stage of development. We need to move with speed to move with the rest of the world. This law, therefore, comes in to empower the CBK to do what is required of them, namely, to legalise and sanitise the lending or transactions within the digital world. It will also curb exploitation of the borrowers. It will create transparency in the digital lending industry. Very many people are not aware of the extent to which they could be exploited through digital lending. Some of them borrow, but they do not really know. M-Shwari, fuliza and others have very high interest rates. People will rarely consider that because they do small bits of transactions, small volumes of transactions and these small volumes of transactions normally charge very high costs, but they rarely know that. Even as we move into having this law, I would like to appeal to the Committee and others who have been involved in finalising this Bill to look at how we package information for appropriate dissemination. We need to adequately reach the people, so that they can be effectively informed on how to engage in this borrowing, proceed and assess the extent to which they are benefitting from the money they are borrowing. Indeed, there are benefits because most of the 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."
}