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{
    "id": 14581,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/14581/?format=api",
    "text_counter": 555,
    "type": "speech",
    "speaker_name": "Mr. Kimunya",
    "speaker_title": "The Minister for Transport",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": "So, I am very happy that we took this and then brought to the world a very innovative system with all the back-up enabling legal framework. I am also happy that the law has caught up with the technology. Madam Temporary Deputy Speaker, the banks have been struggling to ensure that money can be cleared. They have also been accused at times of abusing the system to ensure that money moving from customer “A” to customer “B” is kept inordinately long within the system. They are accused that customer “B” is not credited with what is due to him and is constantly being shown as uncleared funds, while “A” has been instantly debited for the funds he has paid. Banks have been accused of taking advantage of those three or four days to do other things with that money which is in their systems at the expense of customer “A” or “B”. If the person who has deposited that cheque dares to withdraw or pay against those uncleared effects, the punishment has always been very severe, yet the money has actually left the payer and is not with the payee. I hope that with the advancements that are taking place and with the bringing in of the cheque truncation with all the other systems, that will almost lead us to real time. These complaints between the person who has paid out a cheque and the recipient who has deposited it, has not been given credit. That gap will be bridged soon so that the banks are then not accused fairly or unfairly over this delay in giving people value while they use that money in lieu of overnight borrowing or lending and the people do not receive that credit. Madam Temporary Deputy Speaker, I do not intend to go through the details of the Bill because the hon. Members have read it. It has been with us for a while now since August. Suffice to say that we, as a House, owe it to our financial system to pass this Bill and then seek for its expedited implementation. We want Kenyans to get the benefit of operating within a very formal system. Hopefully, this law will also encourage innovation so that we can then bring on board the millions of people who have not as of now benefited from operating within formal systems; these will come in with the confidence that they have a system that is now is being monitored. I believe that cannot be interfered with because there are restrictions within this Bill in terms of what can be done to this payment system. Nobody will interfere with it because the Central Bank of Kenya will oversee it. What happens should we get into financial problems in terms of the insolvency of this system? All these safeguards have been input into this Bill which is part of building the confidence among the users of the system that there is a legal framework that guards and protects the users of this system now and in the future. Madam Temporary Deputy Speaker, if I continue, I might end up starting to repeat myself in terms of saying how important this Bill is to us, as a nation, and to our payment system as part of bringing that credibility. With those words, I beg to second."
}