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{
    "id": 1512014,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1512014/?format=api",
    "text_counter": 385,
    "type": "speech",
    "speaker_name": "Tetu, UDA",
    "speaker_title": "Hon. Geoffrey Wandeto",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Chairman. Since the CBK published the regulations regarding digital credit providers about three years ago, we have only managed to license about 51 out of 280 applicants. I am surprised that the House would allow the CBK to bring in an additional 200 or 300 microfinance institutions, which are under the Association of Microfinance Institutions (AMFI Kenya), which has been opposing this Bill. Financial intermediation is a liberalised market just like any other. Just as it is in the clothes-selling or shoes-selling business, there must be a willing buyer and a willing seller. There are institutions that come within the ambit of regulated financial intermediation, which is under banks and SACCOs, especially those which take deposits. However, I do not think that it will be wise for this House to bring anybody who lends their money in an open market within the ambit of the CBK. We could be killing innovation in the name of regulation. I know there is blanket condemnation of shylocks and any financial intermediary being branded as predatory. I would like to inform you that people do not go for these loans because they have asked for a loan from a bank and not granted. It is because some bank and SACCO rules leave a huge population of this country out of the formal credit access mechanism. I urge this House to reject any attempt at strangling financial intermediation through undue and unnecessary regulation. Hon. Temporary Chairman, I submit. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}