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{
    "id": 246884,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/246884/?format=api",
    "text_counter": 211,
    "type": "speech",
    "speaker_name": "Mr. Oloo-Aringo",
    "speaker_title": "",
    "speaker": {
        "id": 358,
        "legal_name": "Peter Oloo Aringo",
        "slug": "oloo-aringo"
    },
    "content": "We are trying to take the informal sector; the Jua Kali artisan, peasant farmer, watchmen who are serving us in various ways, house worker and make credit facilities available to them. If we do so, we shall have addressed the problem of poverty, because this problem will not be addressed by conventional banks like the Barclays Bank, Standard Chartered Bank or even the Kenya Commercial Bank. Most of them are located in big towns and do not reach all corners of this country. Mr. Temporary Deputy Speaker, Sir, over the years, we have ignored the informal sector by not providing them with credit. My intention is to make an amendment to this Act to allow the KPOSB to lend to them. Indeed, this is in line with Government policy. For example, in the National Development Plan on page 37 Section 2, Paragraph 2, it states:- \"At the starting point for improving bank services, the extensive KPOSB network will be reoriented from mere primary deposit taking and withdrawal points to providing secondary financial services by 1998. In particular, the network will be used to provide lines of credit to women groups, Jua Kali associations, small-scale enterprises and smallholder farmers in areas which are not adequately served by the branches of modern financial institutions\". That is the Government's own policy document. So, this Bill is in support of that Government policy document. Mr. Temporary Deputy Speaker, Sir, my fear is that the Government has been talking about micro-finance for the last 10 years. It has not brought that Bill here for this House to act on. That is why I have told this House many times that where the Government has failed, we must take the initiative. This is going to be a parliamentary initiative to bring this public Bill into the House. Mr. Temporary Deputy Speaker, Sir, the current Economic Recovery Strategy for Wealth June 14, 2006 PARLIAMENTARY DEBATES 1338 Creation and Employment (2003-2007), Chapter 5 on page 51 recognizes the financial sector as the largest sector in Kenya with a contribution of about 10.6 per cent. It also notes that this sector accounts for 3.8 per cent of the total employment. This document further recognizes that the absence of strong and vibrant institutions for long-term capital and legal systems have continued to impede the ability of Kenya's financial sector to effectively contribute to the development process. This is, therefore, in line with the policies of this Government. But the Government is going at the pace of a tortoise instead of running in order to bring about development. The pace at which this Government is going, we will take at least 50 years before we realize this objective. Mr. Temporary Deputy Speaker, Sir, I also want to cite another aspect of the Government policy. On page 38 of the current Investment Programme for Economic Recovery Strategy for Wealth and Employment Creation 2002-2007---"
}