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{
    "id": 394215,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/394215/?format=api",
    "text_counter": 302,
    "type": "speech",
    "speaker_name": "Hon. Kabando wa Kabando",
    "speaker_title": "",
    "speaker": {
        "id": 31,
        "legal_name": "Kabando wa Kabando",
        "slug": "kabando-kabando"
    },
    "content": "We have had experiences where companies collapse but a few weeks preceding the collapse, because of the business cartels and financial sector networks, we have seen major depositors rushing to withdraw their huge savings within these companies, be they banks or blue chip banks and this has facilitated even the quick collapse of such institutions. Some of them are institutions where the Government has a stake. These are individuals we see now rolling out their quick ill gotten wealth to accumulate even greater influence, including the influence to shape and control the political networks and thereafter even the policies of a country. Therefore, I want to congratulate the Mover and say that this is a very important step. These amendments are very insightful and as we insist on savings in the banking sector and even in the Saccos, the guarantee that there will not be a total loss, the confidence that our savings are protected and that our lifetime savings are not at the danger of predators in the financial market, is very important. If there is anything that can stimulate growth and economic prosperity, it is the individual savings and confidence of the depositors that, indeed, we need to put our money in the formal savings institutions that will now roll out in their interests and onward lending to other individuals. Hon. Temporary Deputy Speaker, by the way, when I see these amendments, they remind me of the need for us to encourage more of our citizens to put money in banks instead of putting money in quick so called magic earnings, in the pyramid schemes that have impoverished people."
}