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{
    "id": 1180484,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1180484/?format=api",
    "text_counter": 542,
    "type": "speech",
    "speaker_name": "Nominated, ODM",
    "speaker_title": "Hon. John Mbadi",
    "speaker": null,
    "content": " Hon. Temporary Speaker, I do not really know what was irrelevant in what I was saying. I was really struggling to hear what the Member for Mbeere North was saying, but I failed to understand what he was saying. Anyway, I have said that this Fund is going to be very costly to our people. Two, what has really disturbed me is that you are telling Kenyans that when they borrow money, 5 per cent of what is borrowed is automatically saved somewhere, where they do not know. You are not even telling us where this money will be saved, but that is not the point. I have never heard of any scenario where I go to the bank to borrow money to do business and I am told that I have to leave behind five per cent of what I am borrowing to be saved on my behalf. I am borrowing to do business for heaven’s sake. You cannot be forced to save money you have borrowed. I do not know anyone in this House who is a good financial manager who borrows money then saves it. You cannot borrow money and save it. The interest rate on money markets, which are one of the safest ways of borrowing in this country, is less than 9 per cent at the moment. You borrow money which you will pay back at an interest rate of 8 per cent and someone will save it for you in a Government institution. Most of these Government institutions are run down and will not even give you a 5 per cent interest rate yet, you are paying an 8 per cent interest rate on that loan. Please allow Kenyans to use the money they have borrowed to do business. You can encourage them to invest or save the profits arising out of the businesses they are engaging in. But you cannot force any Kenyan to borrow Ksh50,000 and out of it, Ksh2,500 is automatically deducted. That is why we say that this Government is becoming a shylock. This Government is turning into the Fuliza money-lending platform. It is Tala and M-Shwari in disguise. In fact, this Fund has borrowed all the bad manners of these institutions that we are talking about. If you borrow money from the Fuliza money-lending platform, there is an automatic amount deducted. If you borrow from M-Shwari, it is the same. If you borrow from the Kenya Kwanza Government, a percentage is automatically deducted. This is a “ Fuliza” Government. Whether you like it or not, this is a “ Fuliza” Government under a different name. Kenyans did not expect this. Kenyans were promised…. 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."
}