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{
    "id": 1508177,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1508177/?format=api",
    "text_counter": 147,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": " Yes, Hon. Deputy Speaker. That is why I am trying to move quickly. Part VIC of the current CBK Act regulates digital credit business. The definition of the term “digital credit business” creates the impression that the CBK only regulates those who lend money either on the internet, mobile phones, or computer devices. That interpretation of the Act does not cover all forms of credit, including the buy-now-pay-later scheme, or peer-to- peer lenders. Boda boda riders have been the biggest victims of the buy-now-pay-later scheme. You will find a prospective boda boda rider getting credit of Ksh120,000 to buy a boda boda. He then ends up paying back almost four or five times the cost of the boda boda. At the end of the day, the boda boda is repossessed by those credit lenders. Therefore, we want to bring those buy-now-pay-later lenders within the ambit of the CBK. However, even if you are on the higher purchase schemes, be it for boda boda or cooking gas… Our mama mbogas have also suffered immensely under these lenders. They buy cooking gas cylinders and cookers, and within two to three months after paying probably three to four times of what they borrowed, they are forced to take back what they own because these people are not regulated. Other provisions touch on Credit Reference Bureaus (CRBs). I will not get into all that. In the interest of time, on the Microfinance Act, as I said that we have done some things in the Departmental Committee on Trade, Industry and Co-operatives, under the leadership of Hon."
}