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{
    "id": 1512011,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1512011/?format=api",
    "text_counter": 382,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": "(i) by inserting the words “whether or not digitally” immediately before the words “to members” appearing in paragraph (a); (ii) by inserting the following paragraph immediately after paragraph (d)- (da) pay as you go arrangements as maybe determined by the Bank; (iii) by inserting the following proviso immediately after paragraph (f)— “Provided that this does not include any credit arrangements involving the provision of credit by a person that is merely incidental to the sale of goods or provision of services by the person.” The amendment seeks to expand the definition of a non-deposit-taking credit business to include the digital granting of loans or credit facilities. That covers the non-deposit-taking credit businesses, which operate digitally, but are not covered under the Central Bank of Kenya (CBK) (Digital Credit Providers) Regulations and are, therefore, unregulated. The amendment will also limit the definition of a non-deposit-taking credit business to exclude businesses such as Safaricom, which sell their products such as phones through credit. The amendment also seeks to include the non-deposit-taking digital lenders in the CBK Act, so that they can be under the purview of the CBK. Rules such as the interest payable not exceeding the principal amount will now be actualised. Therefore, the pain that our boda boda riders and others have been going through where they pay more interest than the principal amount will no longer exist. That provision will also exempt those who give credit in their lines of business. For example, if you are in the fuel business and your supplier brings you fuel on credit, that will not come under the purview of the CBK."
}