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{
    "id": 1097508,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1097508/?format=api",
    "text_counter": 342,
    "type": "speech",
    "speaker_name": "Mukurweini, JP",
    "speaker_title": "Hon. Anthony Kiai",
    "speaker": {
        "id": 13439,
        "legal_name": "Anthony Githiaka Kiai",
        "slug": "anthony-githiaka-kiai"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. From the outset, I support this amendment Bill. Digital credit providers is a new phenomenon in this country. We are not here to kill innovation, but to support innovation and make sure that borrowing that is funded by the digital lenders is brought under the ambit of the law. The law proposes to regulate the digital credit lenders by checking their minimum liquidity requirements, approving the business model that should be operated by the lenders and also to provide framework and structures for digital lenders. I need to say that there has been proliferation of digital lenders in this country and they basically target the young people, those who are desperate and, of course, the gullible. At this point, it is very important that we also look at the main Act that governs the banking industry to see why so many people are running to the digital lenders despite their prohibitive interest rates. Maybe that is where the problem is. Perhaps, it is the convenience or the ease or the fact that you do not have to present papers and collateral for you to get a loan. 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."
}