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{
    "id": 14586,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/14586/?format=api",
    "text_counter": 560,
    "type": "speech",
    "speaker_name": "Prof. Kaloki",
    "speaker_title": "",
    "speaker": {
        "id": 62,
        "legal_name": "Philip Kyalo Kaloki",
        "slug": "philip-kaloki"
    },
    "content": "Thank you, Madam Temporary Deputy Speaker. I rise to support the National Payment System Bill, Bill No.46 of 2011. This is the era of Information Technology (IT) and this Bill will stabilize money transfers in our economy. It will strengthen our financial institutions and make it possible for people to transact their financial transactions through electronic transfer system. I would like to support this especially because issues of money laundering will be dealt with. There are provisions in this Bill which will protect the users against that. If you look at Clause 20(5), it provides that:- “A person who contravenes the provisions of (1), (2) or (3) commits an offence and shall be liable on conviction, to a fine not exceeding five hundred thousand shillings, or to imprisonment for a term not exceeding one year”. Although I agree with this section, I would like to propose that we increase the penalty so that we can strengthen this and discourage people from abusing the system. I would like to propose that we increase that fine to at least, Kshs1 million and imprisonment for a term not exceeding five years. This will discourage any individual or system that will be planning to interfere with the system and from committing any crime. Also, I would like to propose that this system be tested before it is implemented to make sure that it is in line with what is happening in the region and make sure that no individuals out there can abuse the system. I must also appreciate this Bill because we will be able to move along with the other countries in the region, for example, Tanzania. As the Minister was moving the Bill, he stated that Tanzanians are ahead of us in this particular area. Uganda is also part of the East African Community and they are already implementing the money transfer system. They have their national payment system in place. I support the Bill, so that we can implement this financial system. This is a financial hub of East Africa. I believe this Bill will strengthen our institutions and make Kenya continue to shine not only in the East African region, but also in Africa. I fully support this Bill. We should pass it this evening, so that we can give the necessary tools to the Minister to manage our financial institutions. With those remarks, I support."
}