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{
    "id": 389506,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/389506/?format=api",
    "text_counter": 179,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) Nyamunga",
    "speaker_title": "",
    "speaker": {
        "id": 738,
        "legal_name": "Rose Nyamunga Ogendo",
        "slug": "rose-nyamunga-ogendo"
    },
    "content": "Thank you, hon. Speaker. I rise to add my voice to the many people who have supported the amendment of the Bill. It is very important that if you want to enhance economic growth in our country, then we need to strengthen our financial institutions. It is very important that we make changes in our banking industry or financial institutions that will bring confidence to the people of Kenya. I agree with those who have said that in the 1990s so many banks came down and the main reason was that there was a lot of mismanagement. That removed the confidence that our people had in our banks. I do not think that any country should set itself in a manner to suggest that it is robbing its own people. That is because many people who have bank accounts are purely for small savings. We know that savings mean a lot to most of our people. If you wake up one morning just to read in the newspaper or learn from the radio and television that a bank has been closed, that will be a very big setback to most of our people. At the grassroots, we encourage our people to get into the culture of saving. If people start saving from that level, the practice will grow nation-wide and this will help us achieve Vision 2030. This is because we will have very strong grassroots people who have access to finance and who can do their business without being impeded by lack of finance. Look at our counties today, there is a lot of emphasis on the issue of 30 per cent procurement for the youth and women. If those people do not have the basic finances and they do not know the art of saving, then it will be very difficult to have growth at the grassroots level. If we have strong financial institutions, that will encourage our people. It will give them a lot of confidence and we will see a lot of growth from the rural to the national level. I rise to support the amendment of this Bill. It is so timely and very important. We need to be very proactive in the way we do our things. We do not need to wait until the banks are closed and people are running around because their money is lost for us to come up with measures to stop the malpractices in our financial institutions. I beg to support."
}