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{
    "id": 1507142,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1507142/?format=api",
    "text_counter": 190,
    "type": "speech",
    "speaker_name": "Sen. Cheruiyot",
    "speaker_title": "The Senate Majority Leader",
    "speaker": {
        "id": 13165,
        "legal_name": "Aaron Kipkirui Cheruiyot",
        "slug": "aaron-cheruiyot"
    },
    "content": "them know that there are certain criteria they need to meet because there are citizens who are losing money. Kenyans are very advanced in appreciating technology. There are many young people who are losing money because of unregulated digital platforms that are operating in this country. People are paying and they lose money on those fronts. We expect the CBK to lead the way into making those decisions. Giving a letter of no objection alone is not enough. I expect that in the next few months, now that we have approved a new Deputy Governor, the CBK shall get busy and guide us as a nation into that space so that we lead on the continent. I know there are a number of African countries that have already led the way. The last point I expect of this nominee and the CBK in general is on predatory lending applications that many of my colleagues have spoken about that they are increasing day by day and we are not sure whether they have been licensed or unlicensed and whether they are living up to the promise of what this administration promised the people of Kenya. At the heart of the campaigns, I know His Excellency President William Ruto promised to take millions of Kenyans out of the Credit Reference Bureau (CRB) and that has been done. There are many people that had been banned from ever borrowing because they were listed on the CRB. We are not removing them from the CRB so that they can be taken advantage of by these online lending applications. It is therefore our expectation that the CBK will continue evolving with the times and lead the country. We expect to occasionally see an update from them of institutions that do not live by the regulations of what their license demands. They should be banned from doing business in Kenya because many of them do not have residence in the country. They just come here, reap from young people, toil and disappear out of the country after making a tidy sum. I therefore hope that the CBK shall soon be leading the country in making a firm decision on what to do with many such institutions that are taking advantage of our young people. Mr. Deputy Speaker, Sir, I do not intend to be long. I want to congratulate Dr. Mr. Gerald Nyaoma Arita on his nomination and proposed approval. I grant him my vote. I am satisfied by the work that was done by the Committee, the Report and the answers that he gave, knowing full well that he shall do a good job in reforming our financial institutions and making sure that we continue to be a global leader in this space. I thank you."
}