Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 1507119,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1507119/?format=api",
    "text_counter": 167,
    "type": "speech",
    "speaker_name": "Sen. Olekina",
    "speaker_title": "",
    "speaker": {
        "id": 407,
        "legal_name": "Ledama Olekina",
        "slug": "ledama-olekina"
    },
    "content": "Thank you, Mr. Speaker, Sir, I rise to support the Report from the Joint Committees in approving the nominee to serve as the second Deputy Governor of the Central Bank. I listened to some of the Committee Members asking questions. One of the things that all Kenyans will be asking is how we put money back into their pockets. I believe the then-candidate we are now discussing answered that the answer lies in lowering interest rates. A lot is happening in this country. I hope that this current nominee, when approved - I hope that this Senate will approve him - will look at the informal sector and how it is attacked by unscrupulous micro-finance entities that loan money to poor people and end up paying interest rates of almost 100 per cent. You will find that people in the informal sector and rural areas will be told to borrow money through mobile apps, and once they borrow that money from mobile apps, they end up paying a lot of money in terms of interest. I believe that it is time for the Central Bank to re-examine its policy on lending institutions, from Tier one, two, and three banks to micro-enterprises and small lending institutions. There was another discussion because I listened keenly to what Gerald was saying. When Michael Joseph thought of introducing M-Pesa, he met him, and they discussed the introduction of M-Pesa services, which now everyone here depends on M- Pesa. At that point, no one really had the vision, had seen it ahead, like 20 years ahead, to see how far the development or innovation of M-Pesa would be. M-Pesa is essentially a financial institution which has nothing to do with telecommunication companies. It is time we delinked telecommunication companies from financial institutions, so that they can be regulated 100 per cent by the Central Bank of Kenya (CBK). Right now, when you look at the regulations that a company like Safaricom faces, there are some that are issued by the CBK while others by the Communications Authority of Kenya (CA). It is time we relooked at the whole issue. The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
}