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{
    "id": 1180398,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1180398/?format=api",
    "text_counter": 456,
    "type": "speech",
    "speaker_name": "Mbeere North, DP",
    "speaker_title": "Hon. Ruku GK",
    "speaker": null,
    "content": " Thank you Hon. Temporary Speaker for your defence. I was saying that the only fund which is not elitist is this one we are trying to table before this House to be considered. Why am I saying this Hon. Temporary Speaker? The feasibility studies which were conducted before the proposed regulations outline clearly that over 5 million Kenyans every single day seek between Ksh500 and Ksh50,000. What Hon. Junet is talked about are people from our villages and different constituencies who want to get loans of more than Ksh50,000. But those are not within the category of the bottom of the pyramid. This category, which is about 5 million Kenyans, has found themselves in very shaky and very inter-twined situations. They have found themselves dealing with shylocks and other loans which they are unable to repay. This Fund has come to save and take care of the people whose problem is getting Ksh500, Ksh1,000, Ksh2,000 and up to Ksh50,000. The management of the Fund, if you look at the regulations, is well detailed. We will have a CEO who will run the Fund on a day-to-day basis with a board of management or a board of trustees, who will be taking care of the management of the Fund. It is well stated in the regulations how those members of the board will be nominated and how they are supposed to manage that Fund. Therefore, as a Committee, we state and assure Kenyans that their money will not be lost because there is even an aspect of saving. For every shilling you borrow and save, the Government of Kenya will add you two more shillings. That is to say that it will come to a point when you will not need to borrow more money for you to conduct your business, and this is stated in the regulations. Hon. Wangwe needs to go through the regulations slowly. I support these regulations for the ‘Hustlers Fund’ to be…"
}