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"id": 1096102,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1096102/?format=api",
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"type": "speech",
"speaker_name": "Endebess, JP",
"speaker_title": "Hon. (Dr.) Robert Pukose",
"speaker": {
"id": 1458,
"legal_name": "Robert Pukose",
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"content": "have a history of many banks coming up where people make their deposits, but after a short while, those banks collapse and disappear with people’s money. They have been operating in a similar fashion to pyramid schemes. Right now you can only be assured with the major banks. People fear putting their money in banks like the Imperial Bank, Chase Bank and Bank of Dubai. As we speak today, many Kenyans have suffered. Some have even committed suicide. Some are still on treatment for hypertension, diabetes and other diseases as a result of their deposits in these banks disappearing. The Central Bank, through regulations, has now provided that you can be compensated to a maximum of Ksh500,000. What Hon. Dawood proposes is Ksh1 million through an Act. An Act is stronger and carries more weight than a regulation. Hon. Dawood has increased it from Kshs500,000 to Kshs1 million, which to me is a reasonable figure. Not many Kenyans can deposit up to Kshs1 million but we have millions of them depositing their money in denominations of Kshs500,000, Kshs700,000, Kshs800,000, Kshs200,000 and Kshs100,000 to make the banks operational. So, when you say that you want it to be around Kshs500,000 and not Kshs1 million, what do you mean? I could not get the logic from our leader on why people with large sums should fear that compensation of up to Kshs1 million. I think Hon. Dawood’s amendment is in the right direction. It should be supported and it will save millions of Kenyans who can deposit their money in any bank without fearing whether this bank is going to collapse or not. It also raises questions on why many Kenyans want to even go and deposit their money in these banks. It is because of accessibility. The big banks might not be accessible by people living in the rural areas or within the confines of towns. Getting the major banks might not be possible in some estates. The small banks can be there but you want to be sure that your money is safe in this bank. It will also make it accessible to many Kenyans because they have resorted to undertaking cash transfers transactions through Safaricom’s M-Pesa Services. That is the only reliable place to keep your money. If we have security, we are sure to put our money in small banks that are within our estates because it is safe. With this, everybody will be able to go to the bank, deposit money and even ask for a loan and be able to do his other projects instead of going to the M-Kopa, Fuliza and other things which are very expensive, with interest ranging from 300 per cent to 3000 per cent. You need a bank you can put your money in, borrow and be able to engage in business. This will grow the business in our country. With those few remarks, I support."
}