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{
    "id": 1196665,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1196665/?format=api",
    "text_counter": 41,
    "type": "speech",
    "speaker_name": "Sen. Oketch Gicheru",
    "speaker_title": "",
    "speaker": null,
    "content": "Mr. Deputy Speaker, Sir, I rise pursuant to Standing Order No.52 (1) to make a Statement on a matter of general topical concern, namely: concern over the predatory asset-based lending by micro-finance lending companies in Kenya. Kenya has experienced an exponential growth of approximately 80 per cent in the number of micro-lending companies for the period 2016 to 2022. This growth has been as a result of the prevailing unemployment and underemployment levels in Kenya that have led to a significant number of Kenyans turning to loans to establish businesses and/or supplement their meagre economic earnings. It is noteworthy that formal banking and microfinance institutions’ loan facilities remain inaccessible to the average Kenyan due to their lengthy and complicated procedures and thresholds for accessing the loans, which are unfavourable to low income earners."
}