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{
    "id": 1339740,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1339740/?format=api",
    "text_counter": 33,
    "type": "speech",
    "speaker_name": "Hon. Martha Wangari",
    "speaker_title": "Hon. Temporary Speaker",
    "speaker": {
        "id": 13123,
        "legal_name": "Martha Wangari",
        "slug": "martha-wangari"
    },
    "content": " Hon. Members, Article 119 of the Constitution provides for the right of any person to petition Parliament to consider any matter within its authority, including petitioning the House to enact, amend or repeal any legislation. Additionally, according to Standing Order 225(2)(b), the Speaker must report to the House any petition other than those that a Member has presented. In this regard, Hon. Members, I wish to report to the House that my Office has received a Petition from Mr. Benard Mokaya Magembe, the Chairperson of the Council of the Institute of Credit Management Kenya, calling for the enactment of legislation to regulate the credit profession. The Petitioner avers that, according to the 2022 Kenya Financial Sector Deepening Report on Inclusive Finance, levels of financial inclusion, as measured by the access dimensions, stood at 83.7 per cent, attributed to various developments in the financial services sector and general expansion of the economy. The Petitioner further notes that according to the World Bank, the domestic credit to the private sector of Gross Domestic Product (GDP) stood at 32 per cent in 2020, while gross loans listed as per the Credit Officer Survey Report by the Central Bank of Kenya (CBK) totaled Ksh3.677 trillion as at December 2022, among other reports. These, according to the Petitioner, are indicators of a robust credit market in the country. The Petitioner is concerned that despite the growth of the sector, consumer lending raises significant consumer protection risks and concerns, which can be mitigated by having certified credit professionals. The Petitioner alleges that other professions in Kenya, including accountants, lawyers, fiscal analysts, engineers and doctors, among others, are regulated through a statute for the effective discharge of their mandate and yet, the credit profession is not regulated. The Petitioner is convinced that the enactment of the proposed legislation, which has numerous benefits, would be instrumental in sensitising and cushioning consumers from a The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}