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{
    "id": 467029,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/467029/?format=api",
    "text_counter": 219,
    "type": "speech",
    "speaker_name": "Hon. Ng’ongo",
    "speaker_title": "",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "banks are not in existence in most of these places. The microfinance institutions, because they are not properly regulated, again end up fleecing members. Hon. Temporary Deputy Speaker, you will realise that even though this Bill has made an attempt to regulate the microfinance institutions, there are issues like what Kenyans went through the pyramid schemes. That should have come out clearly so that the law prohibits such kind of initiatives which reflect or mirror the microfinance institutions. I am happy that this Bill is addressing the issues of sharing credit information by deposit taking institutions. It is important that the deposit taking institutions share the credit information of members so that the microfinance institutions are protected from people who commit crimes in some deposit taking institutions and leave for other institutions and again repeat the same. When you leave the structure to be designed by the Cabinet Secretary, I do not think that is right. In fact, during the Committee Stage, I expect the relevant Committee on Finance, Trade and Planning to ensure that we bring proper amendments to specify exactly what kind of information is required and what kind of information will be provided by the deposit taking institutions."
}