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{
    "id": 1180440,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1180440/?format=api",
    "text_counter": 498,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kimani Kuria",
    "speaker": null,
    "content": "Before I was interrupted, I was talking of boda boda . I said that we have businessmen who are now operating as financial institutions. For them to escape the procedures laid by this House in terms of regulations guiding opening of financial institutions, they lend directly to these motorcycles – boda boda riders. They wait until you have one or two instalments to pay and then they come and take away those motorcycles. I have numerous cases. These are the people I want to save by the start of this Fund. A lot has been said about how much is enough. People have said Ksh50,000 and Ksh100,000 are nothing. The people who elected me twice to this Parliament are the great people of Molo. Many of them access a loan of Ksh10,000 to go and buy potatoes in Kapsita and Mariashoni and then sell them in Molo Town at a profit. That is how they earn their income. What happens? They have no place to get these loan facilities. They rely on shylocks who are usually present at the entrance of Molo market. They give you Ksh10,000 to buy potatoes and then you come and sell them. People repay Ksh10,000 with Ksh1000 more. That is 10 per cent interest per day. These are hardworking people of Molo who want to earn their sweat. They want to have the dignity of work. They do not want somebody to follow them and wait when they are selling their wares to ask them to pay KSh10,000 at 10 per cent interest. Most Members in this honourable House have access to cheap credit. They access bank overdrafts in our banks because you have pay slips. They have SACCO savings because they save there. They also access loans at the banks because they have securities to take there. We should stop our political differences and support this Motion. We should not just oppose it. How about if we enrich it? When we roll out this Fund, it will not only be accessible and useful to people in Kenya Kwanza Coalition but also to all members of this Republic of Kenya as per these regulations. I urge this honourable House to enrich this Motion. Instead of just opposing it, bring an amendment. If you convince us that the amendment will make this Fund more accessible, convenient and cheap to the people of the Republic of Kenya, we will be happy to support you. I will be the first one to support you. We are legislators. We can bring an amendment to an Act of Parliament. Let the Fund be accessible to Kenyans. If you have something good to add, improve this debate but not just oppose for the sake of doing it. Lastly, I would like to urge Kenyans to have the culture of saving and honouring our debt obligations. In the regulations, this Fund has a way of credit scoring. The more you are able to pay or honour your loan obligation, the higher the amounts for borrowing. If you save more money, the Government matches those savings, so that at least this country can also improve its savings. 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."
}