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{
    "id": 1180346,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1180346/?format=api",
    "text_counter": 404,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker. I rise to second the Motion on Consideration of the Public Finance Management (Financial Inclusion Fund) Regulations, 2022. I take this opportunity to thank the Committee under the able leadership of Hon. Chepkonga for consideration of these regulations. We are seeking their approval to address one of the issues that has made our economy almost grind into a halt - access to credit. These regulations are not only talking about access to credit, but also inclusion of segments of our population and economy that are left out of the credit system in this country. This is the unwaged population which cannot access credit. Those are the people whom Hon. Chairperson has referred to as mamambogas, boda boda riders, kiosk owners and all manner of entrepreneurs. They also include jobless people and those who organise themselves in chamas and merry-go-rounds who have no access to any manner of formal credit. The only credit they can access is Fuliza or M-shwari on their phones, and which have very exorbitant interest rates. It is true that the regulations provide for an interest. This is important because many naysayers have spoken to this issue. Those are people who did not interrogate or engage with the Kenya Kwanza Coalition as they engaged with Kenyans across the country in almost all the 47 counties. It is only three counties that we did not physically attend economic forum meetings where we engaged with mama mbogas and people who are unable to access credit. We listened to harrowing stories of how people access credit from shylocks and mobile money transfer companies that offer credit at very exorbitant interest rates. People told us they access credit where they pay up to 3,000 per cent per annum in interest rates. Because of desperation, Kenyans have no choice but to access that expensive credit. Therefore, this Fund comes to address some of those issues that Kenyans spoke to as we sought their votes. Many of the naysayers did not bother to read the Kenya-Kwanza Coalition 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."
}