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{
    "id": 236002,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/236002/?format=api",
    "text_counter": 319,
    "type": "speech",
    "speaker_name": "Mr. Ethuro",
    "speaker_title": "The Assistant Minister for Planning and National Development",
    "speaker": {
        "id": 158,
        "legal_name": "Ekwee David Ethuro",
        "slug": "ekwee-ethuro"
    },
    "content": " Mr. Temporary Deputy Speaker, Sir, I wish to thank the Minister for donating a few minutes to me. I just wanted to thank the Minister for bringing this Bill to the people. It looks like the Memorandum of Objects and Reason is to ensure that deposits are safe and secure and serve the public interest. I think this really defines what we have been lacking in this sector. This is an industry that has been growing on its own motion. It was a kind of free-for-all. At least now we will have a framework that will ensure that conmen do not enter this particular market and take away money from Kenyans, who are seriously looking for an opportunity to invest. Cases abound of microfinance institutions created for the sole purpose of looting from the public. I think to that extent, this Bill is a commendable move. The second issue I want to raise is on the interest charged by these banks. If there is anything to learn from the Bangladesh story, it is the fact that poor people pay better than rich people, who have been getting money from the National Bank of Kenya and going scot-free. This House has also been allowing banks to write off debts of people, including politicians, who have the ability to pay. That practice should stop. What we want is that the minimum capital requirement should be small enough for most people to enter into this business. Non-governmental organisations, and community-based organisations should be able to participate in this sector. In fact, they are already participating in it. Our people are ahead of the law and the law is just trying to catch up with them. It is also important that the lending terms are substantially relaxed since they should not be punitive to those borrowing money. I would imagine that we are trying to enable poor people to 3540 PARLIAMENTARY DEBATES November 8, 2006 borrow money so that they can invest it in very small projects that do not have high rates of return. With those few remarks, I beg to support."
}