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{
    "id": 466945,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/466945/?format=api",
    "text_counter": 135,
    "type": "speech",
    "speaker_name": "Hon. Langat",
    "speaker_title": "",
    "speaker": {
        "id": 384,
        "legal_name": "Benjamin Kipkirui Langat",
        "slug": "benjamin-langat"
    },
    "content": "moment, the Government has come up with what we call the Uwezo Fund to reach Kenyans wherever they are. Ideally, if our banking system was working properly, that is the work of the banks. It should not have been the business of the Government to get money to lend to people. That should be the business of banks. But because the system is not accessible to many people, the Government has come up with the Uwezo Fund. This is part of micro-financing for the small-scale businessmen and women. One of the provisions of this amendment is that it seeks to give the microfinance institutions the opportunity to open agencies like banks are doing. I am sure the Members have seen everywhere bank agents. For example, the Equity Bank’s agent is called the Equity Mtaani . The Co-operative Bank has its agents in shopping centres. These amendments also give the microfinance sector the opportunity to partner with other traders where they can open their branches and agencies, so that they can reach many other sectors. Hon. Speaker, Sir, the other thing that this Bill seeks to do is to give the Central Bank of Kenya (CBK) which is the regulator an opportunity to have more control. Since we are now saying that these are deposit taking microfinance institutions – they are taking deposits from customers, the CBK should protect them so that they do not lose their benefits. So, this gives more powers to the CBK to be able to control and exercise oversight over these microfinance institutions. Therefore, the CBK can take corrective measures where the institutions fail so that it saves those who have saved their money or protect their savings. This is because the CBK is a regulator."
}