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{
    "id": 1095801,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1095801/?format=api",
    "text_counter": 313,
    "type": "speech",
    "speaker_name": "Kitui Central, WDM-K",
    "speaker_title": "Hon. Makali Mulu",
    "speaker": {
        "id": 1955,
        "legal_name": "Benson Makali Mulu",
        "slug": "benson-makali-mulu"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. Even as I rise to support the Central Bank of Kenya (Amendment) Bill, I start by thanking you for using your discretion. With regard to the two Hon. Members who have just spoken, Hon. John Mutunga has a PhD in Economics and Hon. Mboni Mwalika has a Masters in Economics. Yours truly has a PhD in Economics. So, these are potential finance ministers and governors of the Central Bank of Kenya. That is why I thank you for your discretion because with what is happening in the country, you may not be surprised to find one of these guys implementing this Bill once it is passed by the House. So, I thank you very much. Without much ado, let me go into the main subject of the Bill. This Bill should have been presented to the House a long time ago. A lot has happened in this country and we have exposed Kenyans to dangers relating to digital credit providers. That market has not been controlled. In a basic micro-economics course, one of the things you look at are the functions of the Central Bank of Kenya. The key function of the CBK is regulating the market. That is why it is called the bank of other banks, so that you have some order in the market. That is why you will find that because there has been this gap in terms of legal framework, the digital credit provider sector has remained unregulated. What has that done to our people? Our people have got into a market which has no control, one in which they do not have enough information on and as a result, have ended up paying a lot of money to those providers. 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."
}