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{
    "id": 1325517,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1325517/?format=api",
    "text_counter": 946,
    "type": "speech",
    "speaker_name": "Sen. Wamatinga",
    "speaker_title": "",
    "speaker": {
        "id": 13582,
        "legal_name": "Wahome Wamatinga",
        "slug": "wahome-wamatinga"
    },
    "content": "Thank you, Mr. Deputy Speaker, Sir. I beg to reply to the Motion. Mr. Deputy Speaker, Sir, we are all aware that Kenyans are going through very hard economic times. This is not limited to Kenya alone. It is a global trend where there is a downward trajectory of economic growth. The matters are further complicated by the ever-fluctuating exchange rates and the Dollar swing that is working to the disadvantage of the local currency. The cost of living is going up by the day. Therefore, there are limited income sources, especially for the young generation, most of whom are in the boda boda business. They do not have any option and are left without any means of livelihoods. Most of their assets have been repossessed and many have ended up in broken marriages. Some of them have been forced into situations that have led into depression. This is a clear indicator of the increase in suicide rate, especially among young men in Kenya. It is time we relook at the Banking Act, so that Kenyans are cushioned against downward trends, especially by external factors that they have no control of. The war in Ukraine, COVID-19 and the long drought that our country faced left most businesses at the mercy of their financiers. This has seen the livelihoods of many young entrepreneurs taken away because of the insensitivity of our banking sector. For example, Ghana in West Africa has come up with an enterprise development fund that is specifically designed for young entrepreneurs. They do not have to pay expensive loans to the banks. Today, the banking charges in Kenya are as high as 20 per cent. I would like to thank the Government of President William Samoei Ruto for specifically coming up with the Hustler Fund. During the Presidential debate, he pointed out that it needs to be enhanced, so that it can move to asset financing. This will be a highly welcome move because it will cushion the small enterprises and young entrepreneurs, the boda boda operators. People will even want to migrate from bodaboda to other means of transport such as the Matatu industry. They will have a way of accessing financing without having to pay the expensive rates charged by banks. Most importantly, they will not be required to come up with other forms of security that most young people do not have. The way the Banking Act was conceptualized, it envisaged a situation where everybody had a title deed. We know that most of the title deeds are in the possession of the older generation. This leaves the younger generation, who have The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
}