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{
    "id": 1254160,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1254160/?format=api",
    "text_counter": 111,
    "type": "speech",
    "speaker_name": "Prof. Njuguna Ndung’u",
    "speaker_title": "The Cabinet Secretary, National Treasury and Economic Planning",
    "speaker": null,
    "content": "2. Develop and implement an interoperable payments platform to unlock cost- effective, real-time and retail payments across the banks, payment service providers, card schemes and other regulated financial institutions. This will further contribute to lowering the cost of these services, increase choice, competition, stability and widespread adoption of digital payments among Kenyans. Hon. Speaker, in order to reduce money laundering vulnerability, the Central Bank has reviewed and enhances the banking sector Know Your Customer (KYC) and Customer Due Diligence (CDD) processes. This will further strengthen the effectiveness of the banking sector anti-money laundering and combating the financing of terrorism and proliferation of financing (ALM/CFT/PF) risk based supervisory framework. Indeed (ALM/CFT/PF) regime is important to uphold. Hon. Speaker, let me turn to deposit insurance reforms. Financial stability risks have increased rapidly as the resilience of the global financial system has been tested by high inflation and rising interest rates. In order to enhance protection of depositors, the Kenya Deposit Insurance Corporation is in the process of reviewing the current coverage limit of Ksh500,000 with a view to ascertain its adequacy in protecting the MSMEs."
}