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{
    "id": 1180433,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1180433/?format=api",
    "text_counter": 491,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kimani Kuria",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker. I withdraw the word ‘Stupid.’ I will, however, not withdraw the fact that our inflation rate is at 9.6 per cent; 8 per cent interest is reasonable. Hon. Mbadi and Hon. Junet, you had your chance to contribute and we gave you time. Let me speak to the hustlers. The other most popular digital loan products available in the market in this country are the Tala and Branch. The interest rate for Tala is between 84 and 152 per cent per annum. The rate of interest for Branch is between 156-348 per cent per annum. Because we care about access to credit of the person at the bottom of the pyramid, who does not have access to SACCO borrowing like some of us and has no security or collateral to take to the bank for loans, we are giving them a solution. This solution will take you away from the yokes of Tala, Branch, M-shwari and all these other funds that continue to jeopardize the life, safety, and health of these hustlers. Another example is that of boda boda people now getting loans to buy motorcycles. These sellers have been shrewd in how they advance these loans. They ask the people to pick a bodaboda from them and they expect them to pay Ksh300 per day. They will then urge them to pay and pay but when they are left with only one or two installments, they will come and take the motorcycles. We are telling hustlers that they have a chance to own that motorcycle without having to risk to pay the entire principal amount for many months only for the motorcycle to be taken away when they have only one or two installments left. The credit ratings that have been used by the banks in this country is that if you default your loan once or twice, then you get to lose."
}