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{
    "id": 466966,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/466966/?format=api",
    "text_counter": 156,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Hon. Speaker, Sir, Clause 5 of this Bill seeks to amend Section 36 of the Microfinance Act by inserting a new subsection called “34A”. Again, this empowers the CBK to take punitive actions when auditor’s report or when an inspection reports that an institution in place is doing business contrary to the stipulated law. So, the new section 36A gives power to the CBK that if auditors and regulatory bodies raise the red flag on a microfinance institution against the provisions, regulations or guidelines of the CBK, then the CBK can move in fast and make sure that the interests of the depositors or members of the public are protected."
}