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{
    "id": 235996,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/235996/?format=api",
    "text_counter": 313,
    "type": "speech",
    "speaker_name": "Mr. Lekuton",
    "speaker_title": "",
    "speaker": {
        "id": 66,
        "legal_name": "Joseph Lemasolai Lekuton",
        "slug": "joseph-lekuton"
    },
    "content": "Thank you, Mr. Temporary Deputy Speaker, Sir, for this opportunity. I think this Bill is timely and long over-due. Every single penny contributed by the citizens of this country goes towards economic growth especially in remote areas. With over 200 microfinance institutions in Kenya, and with shaky guidelines, I think this Bill is appropriate and will make positive provisions to streamline the day-to-day running of such institutions. It gives ownership and accountability where there was none, and protects the rights of the poor. Mr. Temporary Deputy Speaker, Sir, how do we ensure that microfinance institutions benefit the whole country or every aspect of human life? With a nation which is notorious for high bank interest rates and extremely low deposit rates, it will take a long time for the poor to get an inch closer to the wealthy. We should have strict policies on security when someone borrows money. I come from an area where the only source of security my people have is livestock. How do we get rid of these stringent policies when it comes to borrowing from the banks? Mr. Temporary Deputy Speaker, Sir, we have so much money in the nomadic areas and other parts of this country. A good example to illustrate this is the issue of the Kenya Electricity Generating Company (KenGen) where in no time Kenyans took every opportunity to invest in it. We ought to tap the money Kenyans have. How do we encourage investors to go to the northern parts of this country which have been forgotten for a long time? We ought to give tax breaks or tax holidays in order to encourage business to spread across the country. Mr. Temporary Deputy Speaker, Sir, with all these positive intentions on the Microfinance Bill, I find that there are overbearing powers it seeks to give to the Central Bank of Kenya (CBK). The CBK has some serious work to do. It has many responsibilities including supervising the banking system, managing Government debts and handling the Deposit Protection Fund (DPF). In other parts of the world, banks such as the Bank of New Zealand, the Zurich Bank of Germany and the Reserve Bank of the United States of America (USA), are given specific duties, so that there is smooth running of banking facilities. They check inflation and ensure price stability 3538 PARLIAMENTARY DEBATES November 8, 2006 in the economy. This is done in such a way that there is no ambiguity towards any institution which is bogged down by an avalanche of roles. I think the CBK should out-source this responsibility, but still manage it in a different capacity. Mr. Temporary Deputy Speaker, Sir, with those few remarks, I beg to support."
}