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{
    "id": 1096114,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1096114/?format=api",
    "text_counter": 273,
    "type": "speech",
    "speaker_name": "Kabondo Kasipul, ODM",
    "speaker_title": "Hon. (Ms.) Eve Obara",
    "speaker": {
        "id": 13352,
        "legal_name": "Eve Akinyi Obara",
        "slug": "eve-akinyi-obara"
    },
    "content": " Thank you very much, Hon. Temporary Deputy Speaker for giving me the opportunity to support the Bill. We are familiar with the history of banking in this country when huge banks were the kings of the industry and customers had to beg to be served. Soon after, we had small banks coming up and making banking accessible to the small trader and public servants with their meagre earnings. This saw the big banks again running back and starting to hawk their services because they lost customer focus. Unfortunately, I am also a victim of money that was lost in the small banks. It was mainly due to the fact that there was poor supervision or oversight by the Central Bank of Kenya. There was also abuse of office by some who got too excited about the amount of money that was coming into their institutions and misused customer deposits. As we know, deposit insurance is meant to protect individuals who deposit their savings in the banks. Hon. Temporary Deputy Speaker, we put our savings in banks because we cannot put them under our pillows or beds for security reasons. Therefore, we expect that those banks will in turn have a cover that will protect us and give us the confidence that our money is in a stable environment. As I said earlier, I am a victim of the Kshs100,000. This was a deposit that I had put towards my children’s education. It was very painful. I support that we increase the amount to Kshs1 million from Kshs500,000 that is already gazetted maybe with a small variation that we may need to look at a percentage that is commensurate to the deposits that you have so that if you have a lot of money in a bank, you will be given a little bit more than a person who has deposits amounting to, say, Kshs200,000 or Kshs1 million. I strongly support this amendment. This is an area we need to look at so that the small-time depositors are given confidence to save their money without looking back and thinking that the money will go under as it did in the 1990s and early 2000s. With those few remarks, I support."
}