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{
    "id": 1096121,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1096121/?format=api",
    "text_counter": 280,
    "type": "speech",
    "speaker_name": "Bomet Central, JP",
    "speaker_title": "Hon. Ronald Tonui",
    "speaker": {
        "id": 1242,
        "legal_name": "Ronald Kiprotich Tonui",
        "slug": "ronald-kiprotich-tonui"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. You know, the Hon. Member comes from around Kisumu area and they have a joint called “Bottoms Up”. What we are talking about is bottom up, not that one of Kisumu. Please differentiate between the two. We are trying to take care of the hustlers – those people who are struggling to make ends meet. If they deposit any amount of money in a bank, that money should be well taken care of. I want to commend the current Governor of the Central Bank of Kenya (CBK). I believe he has been supervising the banks quite well as none has collapsed of late since the days of Chase Bank. I believe he is doing a good job and he should continue doing so. The law only protects a deposit of Kshs100,000, which we want to adjust to Kshs1 million. It will be good if we upgrade it from the level of regulations to that of an Act of Parliament. It will be stronger. This is because the people making the Regulations are political appointees who can easily be manipulated. Also, there are so many interests in the banking sector. In fact, I hope this one will go through because I know there are many political interests in this sector that may influence the direction of the Bill. I also wish we could take care of small borrowers, especially those being prevented by the banks from getting loans directly. However, they are allowed to get the same loans from the same banks indirectly through digital lending such as M-Shwari. At one time there were caps on interest rates. The banks opened M-Shwari to use as a backdoor and loan their money through M-Pesa and others and I believe this was illegal. I hope a person like Omtatah will borrow this idea, take it and follow them up on the monies they overcharge Kenyans. We had a law ensuring that interest could only be an upward of 4 per cent above the Treasury Bonds. This was the requirement but since it did not have a legal framework the members of the public were exploited."
}