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{
    "id": 14583,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/14583/?format=api",
    "text_counter": 557,
    "type": "speech",
    "speaker_name": "Maj.-Gen. Nkaisserry",
    "speaker_title": "The Assistant Minister, Ministry of State for Defence",
    "speaker": {
        "id": 192,
        "legal_name": "Joseph Kasaine Ole Nkaissery",
        "slug": "joseph-nkaissery"
    },
    "content": " Thank you, Madam Temporary Deputy Speaker for giving me this opportunity to contribute to this very important Bill. This Bill has come at an opportune time. As you realize, if adopted, it will empower the CBK to put in place an efficient and specific regulatory financial framework. As you know, although today we have reduced the time of money transaction to three days between banks, this one will be very specific. This is because once this Bill becomes law, it will reduce the time to a much shorter period. For people like me with children learning overseas, I would want to see that if I carry out a transaction, I want them to receive their money the same day. This Bill will make that possible. The transfer of money will create a very efficient system. It will also reduce fraud. As you realize, human handling of money is what is bringing problems in our system today. If this Bill is enacted into law, electronic transfer of money will reduce the human handling of large sums of money and that definitely will reduce fraud. As you realize, the other day, we were talking about somebody doing a transaction over a counter, buying a house with billions of money. You can just imagine how could that fellow carry so much money? That subject has already been discussed before this House, that a house was bought using a lot of money and somebody carried the money. So, if we had this system in place, that could not have happened. As I said earlier, this Bill has come at an opportune time. Thirdly, this law will also strengthen the financial institution of transferring money and handling money electronically; institutions like Safaricom and the M-Pesa issue. So, instead of sending a maximum of Kshs50,000, you can now be able to send a lot of money even with other networks like YU, Airtel and Orange. So, this is a very important law."
}