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{
    "id": 1096109,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1096109/?format=api",
    "text_counter": 268,
    "type": "speech",
    "speaker_name": "Kitui West, WDM-K",
    "speaker_title": "Hon. (Ms.) Edith Nyenze",
    "speaker": {
        "id": 13513,
        "legal_name": "Edith Nyenze",
        "slug": "edith-nyenze"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. From the outset, I support the amendment to the Kenya Deposit Insurance Act. I also thank my colleague for introducing this amendment Bill that is raising the figure from Kshs100,000 to Kshs1 million. That will cover most small depositors because Kenyans deposit very small amounts in banks. If they can recover Kshs1 million of their deposits, that will cover most Kenyans who have deposited in those banks. That would mean that maybe even more than 80 per cent of the depositors would get their money back and not lose their investments. They will not lose their businesses. By doing so, they are contributing to our economy because they can pay their taxes. However, if they lose that money, that would mean that our economy will be affected because they will be unable to pay their taxes. I support raising the amount from Kshs100,000 to Kshs1 million, so that most depositors can recover their money. The amendment Bill also proposes that the KDIC should pay depositors within six months or a shorter period following the conclusion of the liquidation of the institution. That will cover most of the depositors and ensure that their source of income continues, so that they can continue with their businesses. We saw that in some of the banks which were liquidated, it took so long for people to even be given that Kshs100,000. It took years. If the period is reduced to six months and below, people can continue with their businesses and Kenya can continue getting revenue and not affect the economy and the businesses of those people. Hon. Temporary Deputy Speaker, I support the Bill. Thank you."
}