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{
    "id": 1096075,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1096075/?format=api",
    "text_counter": 234,
    "type": "speech",
    "speaker_name": "Nominated, JP",
    "speaker_title": "Hon. David ole Sankok",
    "speaker": {
        "id": 13166,
        "legal_name": "David Ole Sankok",
        "slug": "david-ole-sankok"
    },
    "content": "Hon. Dawood Rahim has come up with a very progressive Bill which I beg to second. It is very important because he has done his scientific analysis by raising the deposit guarantee from Kshs100,000 to Kshs1 million. Looking from the face of it or even from a layman’s angle, today with Kshs100,000 you can only buy two cows of Kshs50,000 each and yet, when this Act came into place Kshs100,000 would buy 20 cows. Raising it to Kshs1 million translates to the ability to buy 20 cows of Kshs50,000 each. So, it is scientifically analysed and that is why we should raise this deposit insurance guarantee fund from Kshs100,000 to Kshs1 million. Hon. Dawood said we need to encourage a culture of investing in this country because it has gone down over time. We are now in a social society where we are targeting funds to socially protect people who had an opportunity to invest but did not probably because of these uncertainties. We have the cash transfer to the older persons, targeting to socially protect them because they did not invest when they were in employment or business. This is because the culture of investment has gone down or maybe because of uncertainties. It was just recently that we had to change our currency because the CBK thought people were hiding a lot of money under their mattresses in their houses. Maybe we are shying away from banks because of what Hon. Dawood has seen that there are a lot of uncertainties concerning depositing in our banks and investments. You have heard claims of people carrying money in sacks to banks instead of cheques because of such uncertainties although those who claim people are doing so have never taken theirs in paper bags and were rejected by the churches. This is because people are carrying cash in large sums of money and are not depositing because of these retrogressive laws which Hon. Rahim is trying to cure. Hon. Dawood Rahim has done international comparisons with South African and Ireland. From a scientific view, he is right by raising this amount from Kshs100,000 to Kshs1 million. I therefore support this Bill because he is right. We need to improve and ensure that all the money deposited in banks is guaranteed and secured. As MPs, we are here to protect our citizens and especially when it comes to their finances. He has given examples of so many banks like Post Bank and others which went under. When they go under, they do so with a lot of depositors and investors’ money. Very many dreams of people who have toiled and worked hard have been shattered because they deposited their money in banks that went under. I support and congratulate Hon. Rahim Dawood for having done his groundwork and a lot of research when coming up with this Bill. With those very many remarks, I beg to second and plead with Members of this House to support us in this Bill. I ask the people from the larger Meru to consider Hon. Rahim Dawood not only as their MP but future governor. This is because of his ability to safeguard money deposited in banks by Kenyans. I am sure he will also safeguard the money allocated to Meru County. I beg to second."
}