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{
    "id": 1507130,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1507130/?format=api",
    "text_counter": 178,
    "type": "speech",
    "speaker_name": "Sen. Olekina",
    "speaker_title": "",
    "speaker": {
        "id": 407,
        "legal_name": "Ledama Olekina",
        "slug": "ledama-olekina"
    },
    "content": "Secondly, it is time we had a discussion on how we should treat M-pesa and Airtel Money. Let them establish financial institutions, and have a bank which is called M-Pesa, such that we can have ATMs that you can go withdraw and deposit. Currently, with M- Pesa, with ATMs, you can only withdraw, but you cannot deposit at ATMs. So, we need to be able to advance that further. We are now at a time when we fully regulate it, allow it to work well, and so, that you can even have a bank statement. I know a lot of institutions now lend money, and when they do that, they allow Kenyans to submit their M-Pesa statements. It would be a better way that even for people to develop, you can show that I am only banking with M-Pesa because it works better. After all, that money will be able to go into the rural areas. Then, interest rates; the last thing, which is very key, and I hope that you will take this seriously, is the issue of reintroducing a maximum of about four points above the base lending rate. That in itself, may not be very attractive to local financial institutions, but you would rather have good books, rather than hide your NPL because you want to show that you are making a lot of money by overcharging people high interest rates, yet they are not paying for the loans that they have taken. I thank you, Mr. Deputy Speaker, Sir, and I support."
}