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{
    "id": 14587,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/14587/?format=api",
    "text_counter": 561,
    "type": "speech",
    "speaker_name": "Mr. Njuguna",
    "speaker_title": "",
    "speaker": {
        "id": 20,
        "legal_name": "Peter Njuguna Gitau",
        "slug": "peter-gitau"
    },
    "content": "Thank you, Madam Temporary Deputy Speaker, for the opportunity to make a few observations on this very important Bill. First, let me thank His Excellency the President for appointing a Deputy Governor for the Central Bank of Kenya, Dr. Sirma. This appointment has been overdue and therefore, it has come at the appropriate time, so that the management at the Central Bank of Kenya can be strengthened. I note that Dr. Sirma has worked at the Central Bank of Kenya for close to 20 years. He has brought a lot of experience to the institution. I hope that through his performance at the Central Bank of Kenya, working together with the others, services will be improved. I also hope that his energy and commitment will be utilized in the mechanism or plans to bring very quick recovery to the performance of the Kenya shilling. I note that this new payment system will create the necessary investment climate in this country. Faster economic growth and faster procurement of goods and services will be realized. There will be expansion of the various sectors. Confidence building will also be created by this newly introduced body and even industrialization of this country will be realized. We need to create the necessary environment in this country geared towards creating jobs for our youth. Madam Temporary Deputy Speaker, on the service payment provider, this new Authority will make sure that adequate discipline is maintained in the sector, so that confidence in the clients will be maintained. Concerning committing offences by the service providers, the minimum penalty of Kshs500, 000 is too little. I would suggest that the penalty be enhanced to a level that will instill discipline in the players. Leaving the penalty the way it is, is like leaving a very big joke in the industry. The time for application for the service providers has not been given. This must be clearly specified so that those who are interested in this sector will have the opportunity to apply and be given leeway to establish their businesses. As a country, we have been losing a lot of investments to our neighbouring countries like Rwanda and South Africa where the cost of conducting business is very minimal. You open a business and the following day, you have the necessary documents. This should be the mentality and the way forward in this country. The application fee is not indicated in the Bill. I would suggest that the minimum application fee should be Kshs200,000, so that those who are interested will be serious service providers. Madam Temporary Deputy Speaker, I note that this industry has caused a lot of agony in the minds of Kenyans. Recently, pyramid schemes were allowed to conduct business in this country, which were meant to loot funds from Kenyans. Churches, individuals and groups lost a lot of money. I would urge the Office of the Deputy Prime Minister and Ministry of Finance to put in place corrective steps to make sure that the assets held from the owners of the pyramid schemes are disposed off and the funds are given to the owners. Many families have already broken up, children have been denied chances to get education and even some family members have already committed suicide. This should not be allowed to happen. Along with that, I wish to reckon that some micro- finance institutions like the Family Bank and Equity Bank have played a major role in the economy of this country."
}