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{
    "id": 1097509,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1097509/?format=api",
    "text_counter": 343,
    "type": "speech",
    "speaker_name": "Mukurweini, JP",
    "speaker_title": "Hon. Anthony Kiai",
    "speaker": {
        "id": 13439,
        "legal_name": "Anthony Githiaka Kiai",
        "slug": "anthony-githiaka-kiai"
    },
    "content": "Again, I am reminded of the Merchant of Venice where Antonio wanted to give a collateral on behalf of his friend by getting money from a shylock, and he was told that he was going to give security in terms of a pound of flesh. Meaning if he was unable to pay, then he was to surrender a pound of flesh to the shylock. We have a similar scenario happening in this country. Who are the biggest borrowers of this money? It is our young people, the unemployed and those who need quick fix in terms of finances. Time has come for us to regulate that. It is unknown that these lenders are giving their money and charging over 100 per cent interest. This is totally unsustainable. Even when you are doing legal or illegal business for that matter, it is very hard for one to pay 100 per cent interest rate. That is why you find that young people are operating many lines. It is not only young people, but those who are desperate. During the COVID-19 times, you would find many people had so many lines like Safaricom, Airtel and others, so that they can access the platforms. You just need your name and identity card and the next thing is you are eligible for some small loan. Borrowing Kshs100 to pay Kshs150, we need to regulate this industry. I am aware that many of the young people, due to the rising unemployment rate in this country are borrowing from the money lenders, shylocks to go and bet. They place their bets on the many sporting and betting companies with a hope that if they win, they will repay the loan that they borrowed from the digital lenders. The vicious cycle continues. One of the reasons why you find there have been so many cases of suicide in this country is because young people, gullible Kenyans and those desperate Kenyans, have been trapped in that vicious debt cycle. The moment you realise that you will never get out of that, the best next alternative is to commit suicide. Cases of depression are on the rise and they are driven by loans and credits that cannot be sustained or repaid. I agree in a country like ours, we cannot have legally registered companies being unable to borrow from banks because of the high interest rates. We have that desperate Kenyan being charged over 150 per cent interest on money borrowed. Hon. Temporary Deputy Speaker, as Members of Parliament, we have come face-to-face with the reality on the ground. Many are the times when you are required to help somebody, maybe by sending him school fees or pesa ya mazishi, and the next thing he tells you is: “Do not send money to my line because it has Fuliza . Do not send money to my line because it has a debt on a certain platform.” You have to send money to another person for him to access the same. That kind of vicious cycle is killing our economy. We have to regulate that kind of borrowing. We need to have a platform that is well-structured. We have to make sure that the loans that are borrowed are meant to help the young people or borrowers. You do not borrow to bet or eat. However, that is the scenario that we are experiencing."
}