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{
    "id": 235936,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/235936/?format=api",
    "text_counter": 253,
    "type": "speech",
    "speaker_name": "Mr. Weya",
    "speaker_title": "",
    "speaker": {
        "id": 304,
        "legal_name": "Sammy Arthur Weya",
        "slug": "sammy-weya"
    },
    "content": "Thank you, Mr. Temporary Deputy Speaker, Sir, for giving me the chance to say one or two things about this Bill. For a long time, the issue of micro finance has been hanging over our heads. We have had a lot of loan sharks operating in this country and reaping off individuals in society. Today, in every household there is micro-financing going on with people borrowing money using their household items like radios, televisions or even bicycles as security, and they pay up to 25 per cent a month in terms of interest. Because of the urgency of that money being returned, they are very frustrated and most times, they are unable to pay and the security is taken away from them. Women have been using merry-go-rounds as a way of borrowing money from amongst themselves and sometimes they find themselves in a fix when their investments do not pick up. Mr. Temporary Deputy Speaker, Sir, I think we need to look at what is happening around us, because we are now living in a global village. A good example is India. It has been proved that the poor always pay their debts. It is only the elite who do not pay their debts. The elite borrow from financial institutions without the intention of planning to pay it back. Mr. Temporary Deputy Speaker, Sir, on the issue of what is happening in our society and about money laundering, any economy that is doing well must start from the bottom going up. What has happened is that those who had been operating in past corrupt governments have realised that their money cannot be held overseas because it may be frozen. So, all the illegally-earned money is now being channelled back disguised as foreign investors---"
}