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{
    "id": 235985,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/235985/?format=api",
    "text_counter": 302,
    "type": "speech",
    "speaker_name": "Mr. Munyao",
    "speaker_title": "The Minister for Livestock and Fisheries Development",
    "speaker": {
        "id": 279,
        "legal_name": "Joseph Konzolo Munyao",
        "slug": "joseph-munyao"
    },
    "content": "November 8, 2006 PARLIAMENTARY DEBATES 3533 We want more banks. I have been to several countries. Recently, we toured China and in one street we found over 20 banks with different names. We would like this country to have more than 400 different banks. This requirement of Kshs60 million is tough. Where do you get this money from? Even if you sell the whole of Western Province, you cannot raise Kshs60 million. Mr. Temporary Deputy Speaker, Sir, it is important to come down on this requirement. Perhaps, the Minister will raise other conditions where doing this will be befitting. But the basic requirement must come down. I must congratulate some of the financial institutions. I know of Equity Bank which has done so well. Wherever you go, you see branches of Equity Bank. There is the Family Finance which is opening branches all over the country. This is because its conditions are not the same as those of other major banks. We know of banks like Barclays Bank of Kenya, the Standard Chartered Bank and others. Every year these banks declare dividends of Kshs2 billion or Kshs3 billion. That money goes elsewhere. It is very good that the Minister has brought this matter here now. The choice will be to go to the Barclays Bank of Kenya or elsewhere. You had better bank where you have some value. Just like we used to have it as a requirement that when a bank went to an area, it had to promote the locals, I would request the owners of banks to take only top management wherever they go. For other members of staff, let them get them from the locality. I am imagining a bank like Equity or Family Finance coming to Makueni, or Wote, and when it starts operations, it posts there top management from wherever, because it needs experienced people, but the junior officers should be recruited from Makueni. Mr. Temporary Deputy Speaker, Sir, the requirement for title deeds for loans must be relaxed. Nothing is going to facilitate credit giving in this country more than this Bill. The faster we pass this Bill, the better so that lending operations can start. Kenyans have been waiting for this chance and are ready to support this Bill. Kenyans are ready to work hard, borrow and pay back. Mr. Temporary Deputy Speaker, Sir, some conditions that are already in place for borrowing will have to be relaxed. They can only be relaxed when there is competition. Competition will increase when the requirement for minimum deposit is relaxed, so that many more banks can be started. With those few remarks, I would like to stop there and congratulate the Minister and the Departmental Committee on Finance, Trade and Planning. I would also like to ask the Committee to provide hon. Members with its recommendations, so that they can be taken into account. I beg to support."
}