Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 1254157,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1254157/?format=api",
    "text_counter": 108,
    "type": "speech",
    "speaker_name": "Prof. Njuguna Ndung’u",
    "speaker_title": "The Cabinet Secretary, National Treasury and Economic Planning",
    "speaker": null,
    "content": "Once the outstanding pending bills are cleared by the verification committee, the National Treasury will direct all entities to ensure strict adherence to Public Finance Management Act, 2012 and clear pending bills as a first charge on the budget of the concerned entity in the subsequent financial year. On the financial sector stability and development, the banking sector remained stable and resilient in 2022. Deposits held by the sector increased by 12.3 per cent while pre-tax profits increased by 22 per cent. On the other hand, gross non-performing loans, stood at 13.3 per cent in December 2022, a decline from 14.7 per cent in June 2022. The need to build resilience and exploit emerging opportunities has led to increased consolidation as well as regional expansion through acquisitions. This has led to strong institutions, supporting the stability of the banking sector. The sector is, therefore, expected to remain sound and stable in 2023, building on the reform initiatives and buffers built over the years. In order to address consumer protection concerns arising from unregulated digital lenders, the Central Bank of Kenya (CBK) introduced the Digital Credit Providers Regulations, 2022 that were approved in May 2022, which provide regulations and guidelines for licensing and overseeing of previously unregulated digital credit providers. I am happy to report that by the end of March 2023, thirty-two digital credit providers had been licensed while others are at different approval stages. More importantly, CBK is working with other agencies and regulators, including the office of the Data Protection Commissioner, to ensure all digital credit providers are brought into the regulatory perimeter to protect consumers."
}