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{
    "id": 1097488,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1097488/?format=api",
    "text_counter": 322,
    "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": "If you are good in paying, borrow daily and pay daily, you will pay Kshs50 multiply by 365, which translates to Kshs18,250 on an initial Kshs1000 capital that you borrowed. Even if you are doing illicit business, you cannot make that profit margin. These people have made it easy for our youth to borrow and sometimes to steal, so that they can satisfy their urge in the betting industry. All of these characters are colluding and killing the future of our youth. I said they are worse than shylocks because I was once a victim of one called Tala, before they were regulated. I rarely borrow loans. One day, when I went to produce my curriculum vitae somewhere, I was told I had been in the Credit Reference Bureau for the past nine years because of Kshs9,000. Imagine Kshs9,000 for a businessman of my calibre. I wondered. They had my telephone number, but they had never called me. They said that maybe somebody used my identity card number to get the loan. They never called me because they were colluding. They know that at one time, you may need to use the CRB certificate and so, they would pick your ID from M-Pesa shops, your phone number and then credit the money there. They know one day they will catch up with you even if you will stay for many years. I stayed for nine years because I do not borrow. For those who borrow probably after six months, they would have paid earlier. I had to pay so that I could be removed from CRB, yet this was money I never borrowed nor knew that it was borrowed. So, this is a pyramid scheme perpetuated by corrupt individuals. We also have to ask ourselves who are the major shareholders of these digital lending companies including Safaricom? You cannot be a leader in this country, earn from taxpayers and steal from the same taxpayers. We can excuse you for stealing from the Kenya Medical Supplies Authority (KEMSA) or Afya House, but not coming down to steal from boda boda riders and mamambogas ; hustlers who live from hand to mouth using an elaborate scheme of lending money. The shareholders of these big companies and regional lenders are known. It is high time we controlled them using the CBK, which should go a step further to name and shame some of the major shareholders of the lending companies. They have registered their companies, we know where their money goes to and we can easily track it up to their pockets. We know they are worse than the so-called corrupt individuals."
}