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{
    "id": 1368367,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1368367/?format=api",
    "text_counter": 275,
    "type": "speech",
    "speaker_name": "Sen. Wamatinga",
    "speaker_title": "",
    "speaker": {
        "id": 13582,
        "legal_name": "Wahome Wamatinga",
        "slug": "wahome-wamatinga"
    },
    "content": "they go and seize their assets, store them with their auctioneers. The most unfortunate, as I had said earlier on, the owners are required to pay both for the instalment storage. It is against the rule of natural justice to punish someone for the same offense multiple times, they are forced to pay higher interests, they are blacklisted and consequently, their ratings on credit, on credit reference are also lowered. This is multiple punishment for the young people. As a country that is looking forward to attracting investors, we know that charity begins at home. We must start by creating opportunities for own youths who have been trained through taxpayers’ money. Let us give them opportunity and set up institutions that will work with them in terms of incubation, management services, provision of professional financial advice that they need so that they can sustain their businesses instead of seeing that banks and financial institutions are more than eager to repossess what they had provided for. It is an open secret especially in the boda boda sector that almost 90 per cent of the boda bodas and taxis on our roads are financed through financial arrangements that are unfavourable to the investors. They are miserable. As it is today, the economic meltdown has seen most of them unable to repay and their assets end up being repossessed. Unfortunately, we have seen some of them even paying more than 70 per cent of the cost, including the interest and still their assets are repossessed. At the end of the day, some of these young investors are forced to pay multiple times the cost of the assets that they have. It has forced them into a vicious cycle of poverty that if as a country we do not do anything, then they will never get out of."
}