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{
    "id": 121707,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/121707/?format=api",
    "text_counter": 381,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "There is also the issue of taxation. Some companies are being heavily taxed, thus denying them the chance to make maximum profits. This should also be addressed. We have also seen some micro-finance entities emerging in this nation in the name of pyramid schemes. This should not be allowed because we have seen that a good number of people hang themselves because of this unnecessary competition by way of making illicit incomes. On goods; counterfeit goods have been allowed into this nation because some industries are not able to make qualitative products. Torch batteries have been imported from neighbouring countries thus denying the local industries market and competition. The Kenya Bureau of Standards must be a very effective tool by making sure that the border points are not allowed to be entry points for illicit products. The Bill will also address the banking industry where we have seen well established banks closing their branches in the rural areas and coming to invest in urban areas. For instance, the Barclays Bank of Kenya and the Standard Bank closed their branches in rural areas. They left huge population in the rural areas without banking facility. You saw the competition brought in by Equity Bank and the Family Bank. These two institutions have injected new spirit of competition. They have really come up with good products that are assisting our people. Our giant banks such as the Kenya Commercial Bank and the National Bank of Kenya have woken up and are now facing the challenges. So, the Competition Bill will also deal with these issues."
}