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{
    "id": 1095799,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1095799/?format=api",
    "text_counter": 311,
    "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": "money is borrowed for short-term transactions and in the process, they may not realise the costs they normally incur. The other issue is information in terms of the implications that people may get into without realising. Digital borrowing does not seem to be seriously controlled. The repercussions are also not clear to the borrowers. Many people have found themselves listed with CRB without knowing they can land there. They get to realise much later and do not even know the implications of CRB issues, only to find themselves trying to borrow and are told that they are listed with the CRB. This information packaging needs to cover the entire scope of transactions and the laid-down penalties and possibilities that people can get into in the event they find themselves engaging in digital borrowing. The idea of digital borrowing is almost universal. Everybody can engage in it as long as they use a phone or some of the Apps that are already declared for use. Therefore, people borrow without a lot of consultations and controls. There may also not be any regulations or conditions that they have to agree to before borrowing. So, they find themselves engaging in business whose content is not very clear and find themselves in situations that are difficult without realising. I have several examples of students who borrowed and even had to look into possibilities of changing their names because they had over-borrowed and find themselves listed with the CRB. At the end of the day, they find that they cannot continue to pay that money. They are permanently changing lines. We have exposed people to a lot of debts without their realisation that they are getting into dangerous areas. It is important for us to make sure that the legislation is comprehensively done to enable information flow and have whoever is an intended borrower or anybody who engages in this particular field know exactly how they can position themselves so as not to find themselves in a long-term problem. They should benefit in the short-term, disengage as it is appropriate and clear their lives, so that they do not become condemned under the CRB. I support the Bill. Thank you."
}