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{
    "id": 1202855,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1202855/?format=api",
    "text_counter": 276,
    "type": "speech",
    "speaker_name": "Sen. Nyamu",
    "speaker_title": "",
    "speaker": null,
    "content": "them out of the lending system, he proposed the international based practice of a scoring system. Whereby, the defaulters are given the lowest score and the ones that are servicing their loans are given a higher score. The lenders can then classify their clients according to their profiles. According to the Managing Director (MD) of Metropol which is one of the three CRB companies, 19 per cent which amounts to 4.6 per cent defaulters that are listed in CRB owe less than a Kshs1000. This is the bulk of the hustler nation so to speak that has been locked out of the lending system. Another proposal the President came up with was the Hustlers’ Fund that he went round the country promising the same people who are engaged in small, micro and medium enterprise. He is committed to provide Kshs50 billion towards this end. This is going to open the trade space. The biggest challenge for these group of businesses is due to the informality whereby they do not qualify for formal financing. As a self-imposed youth president, I would like to recommend that in this fund, we give a chunk of maybe 50 per cent to young people and a good percentage for innovation so that our young people are kept busy. With Kenya experiencing a youth bulge, we have great resource in our young people. That is just a proposal that this fund goes to help the youth and innovation. In the culture of saving, I laud the President because he made that bold suggestion that we move away from saving Kshs200 a month. As I quote him, he said that “no return rate in the world can turn that into a meaningful retirement scheme.” It cannot amount to anything. We need to support him through legislation. I know it has been attempted before, but was challenged in court. We need to support him in both Houses. These proposals need a bipartisan support from the Senate Majority and Senate Minority sides. I do not expect politics to come to play during these very crucial proposals that are going to change our country and our economy in a big way. As I conclude, allow me to liken our President His Excellency (Dr.) William Samoei Ruto to the former Prime Minister of Singapore Mr. Lee Kuan Yew, a respected leader who changed the economy that country."
}