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{
    "id": 14580,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/14580/?format=api",
    "text_counter": 554,
    "type": "speech",
    "speaker_name": "Mr. Kimunya",
    "speaker_title": "The Minister for Transport",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": "Madam Temporary Deputy Speaker, as I launched this innovation in March, 2007 and declared to the rest of the world “here comes one great innovation from Kenya, let the whole world watch where Kenya is going”, I knew that there were lots of people who did not believe that M-Pesa could work. There were, indeed, pessimists who even thought that this would be a scandal similar to that of the pyramid schemes but here we are! Four years down the line, the M-Pesa money transfer system has been heralded as one of the greatest innovations to come not only to Kenya but to the whole world in terms of ensuring that people can use their mobile phone cells to transfer money. Even people who feared approaching banks and other formal financial systems now have an alternative. I recall some of the discussions we had with the then CEO of Safaricom Limited, Mr. Michael Joseph, as he came and said: “We have an innovative system here but, unfortunately, we do not have the legal framework upon which to implement it. We do not want a lack of legal framework to be the reason as to why Kenyans cannot partake of this system which will help the millions of unbanked Kenyans.” I told him: “We cannot let the absence of a legislation stand in the way of technological advancement. We will do whatever we can, as Treasury, to help the implementation of this innovation.” Madam Temporary Deputy Speaker, therefore, M-Pesa came into being. The passage of this Bill will ensure that future innovations will find in place a payment system that is all facilitative. Nobody will say: “We do not have a facilitative law in place. So, your innovation cannot be taken on board”, as would have happened had I stuck to the law as it was then and, therefore, we would not have the M-Pesa money transfer system in place."
}