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{
    "id": 1097498,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1097498/?format=api",
    "text_counter": 332,
    "type": "speech",
    "speaker_name": "Mogotio, JP",
    "speaker_title": "Hon. Daniel Tuitoek",
    "speaker": {
        "id": 13434,
        "legal_name": "Daniel Kamuren Tuitoek",
        "slug": "daniel-kamuren-tuitoek"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker, for giving me an opportunity to support this, which I think is long overdue given the situation right now among the youth. As my colleagues have said, there are too many digital lending platforms purporting to give financial support to individuals. Looking at how people use the money, some of them gamble it. Of course, we know that the mama mbogas and boda boda riders could be using it properly, but others may not be using it properly because of the ease with which people are given loans which ruin the youth. This is an opportune time for the CBK to regulate the market so that people are not given too many loans with little benefits. The Bill looks at digital lending, issues of borrowing, the actors and controlling them from excessive interest rates which are in various platforms including Fuliza, M-Shwari, Tala and many others. The Bill comes at the right time because almost everyone has access to a phone and easy money from the digital lending platforms, which need a properly regulated market. Otherwise, people will accumulate too many loans which they cannot repay. Sometimes, you find that there The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}