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{
    "id": 570860,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/570860/?format=api",
    "text_counter": 17,
    "type": "other",
    "speaker_name": "",
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    "speaker": null,
    "content": "local entrepreneurs especially women and youth - If these banks become large and are merged, would the special interests and small markets suffer? The capitalization requirement does not affect micro-finance institutions and SACCOs which are the dominant players in providing credit to Small Micro-finance Enterprises (SMEs). Furthermore, there is no evidence to suggest that specific commercial banks serve specific niche markets for SMEs and special interest groups; rather, their portfolios are wide to cover various interest groups. Mr. Speaker, Sir, the other issue is whether the Cabinet Secretary to the National Treasury is aware that this policy announcement violates the provisions of law against monopolies. I have already addressed this but it does not create any monopoly and does not create any dominant player. The Competition Act does not prohibit dominance or monopolies but prohibits the abuse of those powers. The last question is whether for any reason the Cabinet Secretary can vacate this policy to allow the banking sector to develop with the dynamism of a free market economy that Kenya embraces. The Government does not intend to vacate this policy because of the catalytic role the financial sector is poised to play in making Kenya a regional financial hub as well as achieve the other broader objectives of Vision 2030. Thank you."
}