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{
    "id": 305014,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/305014/?format=api",
    "text_counter": 567,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "The other amendment is on the Banking Act. I propose to provide for a robust, effective and comprehensive consolidated supervision framework to enable the Central Bank of Kenya to adequately supervise banks and their subsidiaries. This is in realization that activities of banks and subsidiaries have a direct impact on the safety and stability of our banks. Secondly, there is an amendment to expand the scope of the banking business to include incidental financial services that can be offered by banks, subject to review and approval by the Central Bank of Kenya to ensure adequate risk mitigation. This is in line with the trend globally, in which there is convergence of financial services where banking, insurance and stock brokerage services are offered under one roof. Thirdly, there is an amendment to make the banks liable for the acts and omissions of their contracted agents. This was an omission. Most of the banks are now on agency business, but this was missing. We are now saying that we shall allow them to appoint as many agents as they can. It is a good thing. We now have kiosks and shops as agents of banks. In other words, even as late as 9.00 p.m., you can still receive and bank money, but we are saying that the banks must be responsible for the omissions and commissions of their agents. Finally, I have also proposed amendments on the Scrap Metal Act, basically to deal with scrap metal dealers who buy stolen and vandalized cables, wires, signage and transformers. I have proposed amendments to the law to empower the Minister of State for Provincial Administration and Internal Security to issue regulations requiring identification and traceability of scrap metal handled by dealers. We are saying that if you are now found with scrap metal, you must be able to identify the person who sold it to you. They must be traceable. These rules will now enable the Minister to do that. Finally, I would like to thank the Members for the support they have given me at the Treasury as I continue to discharge my duties. I beg to move and request hon. Wetangula to second."
}