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{
    "id": 315139,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/315139/?format=api",
    "text_counter": 295,
    "type": "speech",
    "speaker_name": "Mr. M’Mithiaru",
    "speaker_title": "",
    "speaker": {
        "id": 72,
        "legal_name": "Ntoitha M'mithiaru",
        "slug": "ntoitha-mmithiaru"
    },
    "content": "Thank you, Mr. Temporary Deputy Speaker, Sir, for giving me the opportunity to contribute and support this very important Bill. I would also like to congratulate the Mover, Dr. Khalwale. Mr. Temporary Deputy Speaker, Sir, in the financial arena, we have very many players in terms of those who are trying to attract people to save with them and those who are in the activity of lending money. Kenyans also seem to be very desperate, especially on issues where money is involved. If I may understand, a pyramid scheme is a scheme where the base is normally very heavy savings and very little lending. What lures people to go to them is the very attractive kinds of schemes that they have. For example, most of those pyramid schemes were paying 30 per cent interest per month. One would wonder what activity they could be involved in, which could actually ensure that all the participants in the scheme are paid that kind of money. That is already suspect. Ordinarily, many Kenyans also do not answer to the call that when something is too attractive, you should think twice. That is why I support my colleague who said earlier that Kenyans always would like to be in the club of millionaires overnight. We even have cases where Kenyans are told: “Bring your money. We shall pray for it and it will be doubled.” That is really terrible. Somebody should actually be able to suspect that issue straightaway. Mr. Temporary Deputy Speaker, Sir, I would also wish to direct the activities of these schemes to the Ministry that was concerned. Where were they when all this happened, especially when there were such schemes that ordinarily would be very suspect? I know that Kenyans would like to save and apparently the schemes fall in what we called the thrift clubs. We know also that there are other clubs, like the money lending, which involves shylocks and all that. The issue now is: How do we control any activity of all those players in the financial arena to ensure that Kenyans are not unduly defrauded? Of course, we know that the majority of them will be very unsuspecting. They may not know that they are entering into a trap. So, the law must be there to protect such people. We have the Savings and Credit Co-operative Societies (SACCOs) whose major interest is actually savings. So, for those who intend to save, the only way to do it properly is to be a member of a SACCO because that affords one an opportunity to save"
}