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{
"id": 1180352,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1180352/?format=api",
"text_counter": 410,
"type": "speech",
"speaker_name": "Kikuyu, UDA",
"speaker_title": "Hon. Kimani Ichung’wah",
"speaker": null,
"content": "encourage Kenyans to use this Fund because it is not just about advancing credit. It has components that include loans, pensions, retirement benefits, health insurance and also a savings element. That, out of the amount of money you get, 95 per cent will go to your loan and, at least, 5 per cent will go to your savings. I think when His Excellency the President came to Parliament during the State Opening of this Session, in a great way, he spoke to the issue of developing a savings culture. I must commend the National Treasury since, as they formulated these regulations, they incorporated the element of saving. That is because we cannot invest unless we save. If we live in a country where people just borrow without saving, it means they will borrow perpetually. It is said in economics - for those of us who are economics students - that investments are a function of savings. A nation that is increasing its savings is moving in the right direction. Therefore, we are moving this nation in the right direction by ensuring that people are saving for future investments and even national investments. We are also encouraging Kenyans to get access to cheap, affordable credit and save for their future in terms of retirement benefits, pension schemes and health insurance, which are some of the products that are offered by this Fund. Therefore, this is not just a simple Fund as many naysayers would want to think that it is just for the hustlers. This Fund is for financial inclusion of all Kenyans; whether you regard yourself as a hustler or anything else. This Fund speaks to your savings, retirement, health cover benefits and access to credit. Therefore, the magic or silver lining is we need to uplift our economy from where it was left by the last regime, actualise this ‘Hustler Fund’ to give money to entrepreneurs who, in future, will become taxpayers and expand our tax bracket. They will do what Hon. Kibaki taught us when he said: “ Kulipa ushuru ni kujitegemea” . Hon. Temporary Speaker, the surest way for Government to end the cycle of borrowing is to ensure all our people have access to affordable funds which they can borrow and utilise in their businesses to make profits and pay taxes. They will offer the same goods and services that we envisage to get from our Government. Hon. Temporary Speaker, with that, I beg to second this Motion and ask Members to support the passage of these regulations. This is because they are critical for our economy and the financial inclusion of those who were excluded in the past. There are those who believe that financial inclusion should only be for those with means. It is our contention that everybody has capacity to model himself or herself into an entrepreneur, including not just mama mbogas, but even our house managers at home, mothers, sisters, fathers and brothers who are unemployed and form chamas or merry-go-rounds in our constituencies. There are fishermen who market their fish collectively by the shores of lakes and rivers and they form simple chamas to lend each other money. We are telling them they now have an opportunity to be included in a formal Fund where they will access formal credit without being asked for a log book, a title deed or any manner of security. Very soon, we will be graduating many young entrepreneurs and hustlers into seasoned entrepreneurs who can access even large amounts of money from the banking sector. Hon. Temporary Speaker, with that, I beg to second."
}