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{
    "id": 463395,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/463395/?format=api",
    "text_counter": 277,
    "type": "speech",
    "speaker_name": "Hon. Langat",
    "speaker_title": "",
    "speaker": {
        "id": 384,
        "legal_name": "Benjamin Kipkirui Langat",
        "slug": "benjamin-langat"
    },
    "content": "Hon. Temporary Deputy Chairlady, Clause 2 basically provides for the definitions of the terminologies used in the Bill. We are now introducing new terminologies, in light of what I have told the House. Microfinance deposit taking institutions shall henceforth be called “microfinance banks”. So, we need to define what “microfinance bank” is. We have also given microfinance banks additional functions, example of which is opening current accounts for their customers. So, we also need to define “current account” because, previously, it was not there. We are also defining “microfinance bank business”, which appears in the proposed amendment. Since it is a new terminology, it is replacing the deposit taking institutions that were there. Hon. Temporary Deputy Chairlady, there are definitions that exist in the current Act as it is. For example, “institution” means “deposit taking microfinance institution”. We are now saying that will no longer be the definition of “institution” in the new Act. Instead, “institution” will mean “microfinance bank licensed under the Act”. So, we are basically introducing new definitions, in light of the additional roles given to microfinance institutions. Microfinance banks shall issue their own cheques to third parties. They will open current accounts for their customers. They will have accounts with the Central Bank of Kenya (CBK). They can also borrow money from the CBK, just like other banks do. So, The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}