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{
    "id": 1180451,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1180451/?format=api",
    "text_counter": 509,
    "type": "speech",
    "speaker_name": "Nominated, ODM",
    "speaker_title": "Hon. John Mbadi",
    "speaker": null,
    "content": "The question we want to ask is why these poor Kenyans are being charged 8 per cent per annum. Let no one cheat Kenyans this is a small percentage. It is high and, in some jurisdictions, this is unheard of. It is only in Kenya where accessibility to credit is difficult, where we have overborrowed money and banks are charging obscene interest rates so we think 8 per cent interest is a low interest rate. If you borrow Kshs50,000 you will pay Kshs4000. If you divide you will find that every day you will be paying Kshs11 as interest only. This is not a small amount. For the mortgage loan a Member of Parliament pays 3 per cent per annum as interest rate. Public servants pay 3 per cent as interest rate on mortgage yet, you are telling Kenyans that mama mboga out there whom you have christened as hustlers should pay 8 per cent per annum. This is obscene interest 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."
}