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{
    "id": 1563124,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1563124/?format=api",
    "text_counter": 264,
    "type": "speech",
    "speaker_name": "Sen. Cherarkey",
    "speaker_title": "",
    "speaker": {
        "id": 13217,
        "legal_name": "Cherarkey K Samson",
        "slug": "cherarkey-k-samson"
    },
    "content": "us the business that the banks doing when Kenyans cannot do business. Could they be doing money laundering? The regulator, which is Central Bank of Kenya, must also look into the microfinance on what to credit. There are a number of them that give small loans for motorbikes and what they do is very unfortunate. There is a famous one in our villages which comes to take people’s cows, sofa sets and television sets. It is a microfinance that is run mostly by women. They even take the roof under the supervision of the police. This is happening where I come from. Families are breaking down because of the poor regulation mechanism by the Central Bank of Kenya. Marriages are actually breaking down, yet the strength of a society and a nation is a strong family. The microfinance is called Kenyan Women. They usually come and take everything. They take people’s clothes, beds, roofs, television sets, cows and even the shoes. I know no one wants to wear shoes in Migori after the incident that happened over the weekend. I saw Sen. (Prof.) Tom Odhiambo Ojienda on the ground. He will tell me, in camera, of what really happened. Those people take everything. We have been told that a number of young men take loans to buy motorbike, but they end up paying Kshs350,000, which is four times the cost of that motorbike under that credit. When they realize that you are almost finishing paying for that motorbike, it then disappears mysteriously. We must be told. This Board is challenged to do their work of oversight, so that microfinance entities are not allowed to operate unlicensed and unchecked. They should not be given a free hand to stifle and frustrate the small businesses in this country. Most of the young men who are in boda boda sector here in Nairobi and Nandi call me daily. They tell me that they had taken a loan to buy a motorbike from a credit facility just for it to disappear before they finished their last instalment. When they report to a police station, the police men collude and no one is arrested. The same thing happens to Kenya Women Microfinance. In our respect, we are equated to cows. When somebody from Kenya Women Microfinance comes and drives away with a cow worth Kshs120,000--- In our local language, they say, konyit ko tetanyok muren, which is equated to respect yet somebody just comes and takes it. I want to challenge the Board on its oversight role. They must reign on the microfinance entities and commercial banks. You saw what the Committee on Devolution and Intergovernmental Relations did. There are counties who run an unknown number of commercial bank accounts. Bungoma County had over 150 commercial bank accounts. Nandi County has over 100. Why would the Bankers Association of Kenya, the CBK allow this? Under the Public Finance Management Act, counties are supposed to operate a minimal number of accounts. I am happy that the Chairperson of the County Public Investment and Special Funds Committee is here. The counties are supposed to have a special purpose account that is allowed under the law for the World Bank."
}