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{
    "id": 556177,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/556177/?format=api",
    "text_counter": 225,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "Second, developing the Treasury Mobile Direct Programme, which we expect to launch in July, 2015. The launch of M-Akiba Bond will allow Kenyans to purchase Government Securities directly from the comfort of their mobile phones with a minimum investment of only Kshs3,000 compared to the current minimum of Kshs50,000. This will allow Kenyans to enjoy significantly higher interest rates on Government securities compared to bank deposits, through a convenient platform and with a low entry threshold; Third, fast tracking the modernisation of the Lands and Companies Registries to facilitate quicker collateral process as well as development of an electronic registry for moveable assets; and, Fourth, ensuring that Government borrowing does not crowd out private sector by containing the fiscal deficit and adopting alternative sources of funding the deficit such as the Euro Bond. In addition, the high interest rates on lending and the spread between lending and deposit rates also reflect limited competition in the banking sector. Although we have 44 banks, most are small and only a few banks account for the majority of assets and deposits in the industry. Therefore, in order to make the banking system more competitive locally and regionally, I will later be proposing measures that will strengthen the bank’s capital base and increase competition."
}