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{
    "id": 466991,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/466991/?format=api",
    "text_counter": 181,
    "type": "speech",
    "speaker_name": "Hon. (Eng.) Gumbo",
    "speaker_title": "",
    "speaker": {
        "id": 24,
        "legal_name": "Nicholas Gumbo",
        "slug": "nicholas-gumbo"
    },
    "content": "Hon. Temporary Deputy Speaker, the proposed amendments are very timely. They ought to be supported, especially considering the fact that up to now, a good part of Kenya’s population still remains unbanked. In my view, by entrenching micro-financing amongst our people, we are promoting financial literacy. In a way, this is going to help us fight poverty at the grassroots level. I agree entirely with my colleague, hon. Jimmy Angwenyi, who spoke before me; that, having allowed microfinance institutions to grow, we now have indigenous banks in this country, which are giving a very positive competition to the major banks. It may be lost to many that hardly ten years ago, almost 95 per cent of the profits declared by banking institutions in Kenya were in the hands of foreign-owned banks, including Barclays Bank, Standard Chartered Bank and City Bank. Due to the fact that we have allowed the proliferation of microfinance institutions, I am very happy as a Kenyan who believes fully in this country that today, thanks to our own Kenyan brothers, including the Gideon Muriukis and the James Mwangi’s of this world, amongst others; the top three banks in Kenya are indigenous banks. A lot of things and achievements are being undertaken by Kenyans, which actually go unnoticed. These are our true Kenyan heroes. As we speak today, over 56 per cent of all the profits declared in the banking sector are in the hands of indigenous banks. In fact, the most profitable foreign bank, which still remains as Barclays, is at number four. Number one still remains Kenya Commercial Bank (KCB). Number two is Equity Bank and number three is Co-operative Bank. We need to celebrate these banks which have been steered by Kenyans using Kenyan models. It is, in fact, a reason for us to believe that as Kenyans, we can do it and we must do it because the growth of any country has to happen from within that country. We cannot expect foreigners to come to our country and grow it because their main motivation is profiteering and profit repatriation to their own countries. Therefore, I support this Bill and hope that as we go along, more and more sections of our population will be involved, so that we promote financial literacy and, that way, fight poverty at the grassroots level. With those remarks, I beg to support."
}