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{
    "id": 466944,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/466944/?format=api",
    "text_counter": 134,
    "type": "speech",
    "speaker_name": "Hon. Langat",
    "speaker_title": "",
    "speaker": {
        "id": 384,
        "legal_name": "Benjamin Kipkirui Langat",
        "slug": "benjamin-langat"
    },
    "content": "Having said that, first and foremost, the initial Microfinance Act was passed in 2006. That was meant to give some legislation to the microfinance sector which is a big sector in terms of our development and poverty reduction. Many years back, the banking sector in Kenya used to belong to a very few selected people. They could decide to do anything they wished to do. I remember one time banks could liaise and say that the minimum deposit was Kshs5,000 for everybody regardless of their incomes. That excluded many Kenyans from the banking sector because not many of us were able to maintain those high levels of deposits. So, the microfinance sector came to provide for those Kenyans who were unable to access the mainstream banking service. That has passed and the sector has stabilised and so far, we have around nine deposit taking microfinance institutions. They mobilise resources and lend to the small-scale borrowers. This sector has enabled many small-scale businessmen to access credit and in the process, they have expanded our economic growth. Therefore, these amendments have come at a time when many Kenyans are desirous of having credit facilities. At the 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."
}