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{
    "id": 1213474,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1213474/?format=api",
    "text_counter": 287,
    "type": "speech",
    "speaker_name": "Sen Olekina",
    "speaker_title": "",
    "speaker": {
        "id": 407,
        "legal_name": "Ledama Olekina",
        "slug": "ledama-olekina"
    },
    "content": "There is a famous case of a young lady who all banks now are afraid of in this country because she took them to court. The only thing she wanted was her bank statement. If you request for a bank statement, particularly if you take a loan, most financial institutions that probably have transferred from you loan from one bank to several banks will hesitate giving you that statement. Recently, I was approached by a sitting Member of County Assembly (MCA) from Kiambu County. He brought in a gentle man who took a loan from the National Bank of Kenya. The manager of that branch advised him that the best way for him to grow his business was through invoice discounting. From that moment, the gentleman became disillusioned because he did not know how the interest started accumulating on and on. Whenever he went there and asked to be given the amortization table, for him to see how much he had paid against what he needed to pay, the story will shock you. The gentleman had borrowed Kshs26 million. By the end of the day, the banks were discussing on how they could convert the Kshs26 million to a loan of Kshs126 million. This is affecting very many Kenyans. I would request the Committee that will be looking at this matter to invite any other Kenyan who is suffering out there. They should also summon the Kenya Bankers Association and the Governor of the Central Bank so that they can be go through this. This is because the Statement that has been brought by Sen. Tabitha Mutinda is affecting very many Kenyans. I have assisted so many Kenyans to renegotiate and restructure their loans from different financial institutions. Now that this Senate is seized of the matter, the Committee must now take a keen interest and have a serious inquiry. These are the kind of things that lead to a class action suit on financial institutions. There is a lot of fraud and charges in Kenyan banks. It is high time we broadened the scope so that we can save Kenyans who are losing lots of money. On the second Statement by Sen. Chute, yesterday, we had the Controller of Budget (CoB) in one of our Committees. It shocked us because this issue of pending bills is really a creation of some unscrupulous individuals who sit in the county treasuries, and more so, the County Executive Committee Members (CECM) of Finance in every county government. There is absolutely no reason for counties to be requisitioning money to pay a certain expense and end up diverting it. We looked at Article 207 of the Constitution and the PFM Act in terms of money being requisitioned from the Controller of Budget. Section 103(3) of PFM Act states that the head of treasury is the CECM Finance.However, the interpretation even by the CoB is that the CECM Finance is not the head of treasury and he needs second approval I request that the Committee which will be looking at this matter to invite the CoB. Article 207 of the Constitution mandates her to only release money that she feel will be used effectively. This House ought to come up with a mechanism to ensure that she can come up with an administrative process so that whenever county governments requisition for money, they must indicate there that they have done so to pay NHIF, NSSF and retirement benefits."
}