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{
    "id": 183375,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/183375/?format=api",
    "text_counter": 141,
    "type": "speech",
    "speaker_name": "Mr. Mbadi",
    "speaker_title": "",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "Mr. Speaker, Sir, I rise to seek a Ministerial Statement from the Minister for Finance. Mr. Speaker, Sir, this is directed to the Minister for Finance with regard to the involvement of two mobile phone operators; Zain and Safaricom, in the deposit and transfer of funds. Could he explain the effect this has on the current inflationary pressure we are facing in the country? The reason I am asking this is in order for the Minister to explain the contributions that the involvement of these operators in cash transfer has in the sense that:- (i) Is the Central Bank of Kenya (CBK) able to monitor the money in circulation as it does with individual and commercial banks? (ii) How is the CBK able to maintain the reserve money targets given that there is a lot of money in circulation from the two mobile phone operators transfers? Mr. Speaker, Sir, lastly, I would like the Minister to tell this House if the CBK is able, under the circumstances cited, to subject our financial system to prudent regulations for robbers and secure movement of fund across the economy. Mr. Speaker, Sir, the reason I am asking for this Statement is that currently we are witnessing very high inflation rates. There is a feeling that this is partly being contributed to by the unchecked and uncontrolled transfer of funds by mobile phone operators which do not fall under the ambit of the CBK Regulatory Authority."
}