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{
    "id": 1507166,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1507166/?format=api",
    "text_counter": 214,
    "type": "speech",
    "speaker_name": "Sen. Ali Roba",
    "speaker_title": "",
    "speaker": null,
    "content": "This was extremely critical in order to complement the governor and the deputy governor that have taken over. It is important to get somebody with serious institutional memory of the Central Bank to complement their efforts in making sure that our Central Bank does what it is supposed to do as effectively as possible. Now that somebody with such experience has joined, it is our expectation, on behalf of the public of Kenya, that Mr. Arita and the team, including the governor and the deputy governor who preceded Mr. Arita, the three of them together, need to make sure as expeditiously as possible they put policies in place to make sure Kenya is not left behind in this space of cryptocurrency or the issues of virtual transactions that are taking shape across the globe and that is really impacting positively in the global trade. It is important that this is properly regulated and looked into, as well as the issues of microfinance institutions so that they do not take advantage of our innocent masses. Also move quickly to ensure that the banks are properly regulated and monitored and that the customers get what they deserve without being exploited, such as when the central bank reduces. When the Central Bank increases the base lending rate, the commercial banks move very fast at the speed of lightning to increase the interest rate for its existing customers. Likewise, it is important that when the base lending rate is reduced, commercial banks follow suit immediately, at the same speed, reducing the lending rates that they extend to their customers. As we reviewed Mr. Arita's career and some of his critical achievements, it became clear through our engagement with him that he was one of the pioneer managers within the bank that facilitated the realization of M-Pesa in the country. This means that if he did not have the foresight required, he would have easily turned away when it was assigned to him. However, he facilitated, and we became a pioneer in that field of technological advancement not only in our country but across the globe, which has made a lot of references to the issue of mobile banking. We have taken mobile banking to unprecedented levels. Previously, no other country globally had managed to exploit using technology in this concept of M-Pesa, using our mobiles to transact effectively at the same level, or even better, than using credit cards, with security that is required, inbuilt in it, to get now a situation where most countries have started copying this issue. They want to take the lead that our country and Safaricom as an entity has taken, which we congratulate Safaricom and also Mr. Arita for having facilitated this programme of realisation of M-Pesa in our country and becoming a world leader globally in terms of taking advantage of innovation and technology in the mobile sector. As I rise to support, the country is undergoing a lot of transformation, and a joint effort by the Government has become extremely apparent in terms of where the Central Bank also plays a role in improving our credit standing with international lenders. When the current government came into being, we were near blacklisting with respect to accessing credit from other institutions. While there is an air of excitement about credit and liability and debt ceilings in Kenya, it is important to note that countries 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."
}