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{
    "id": 632422,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/632422/?format=api",
    "text_counter": 129,
    "type": "speech",
    "speaker_name": "Hon. Ferdinand Waititu",
    "speaker_title": "",
    "speaker": {
        "id": 147,
        "legal_name": "Ferdinand Ndung'u Waititu",
        "slug": "ferdinand-waititu"
    },
    "content": "A few months ago when interest rates had gone out of control in the country, many people lost their property. In one of my bank statements, I saw a figure of over Kshs100, 000. I did not know where it had come from. Many Kenyans do not understand the financial systems in the country and they need to be saved by this Parliament. As far as I am concerned, there is no offence in controlling something that everybody believes is not going in the right direction. Banks in this country have become like a cartel operating interest rates. Initially, when the Government formed banks like the Kenya Commercial Bank (KCB), the Cooperative Bank of Kenya and the National Bank of Kenya, it thought that they were going to act as some sort of control in ensuring that Kenyans are not exploited. The same banks have started operating like other commercial banks that make profits while exploiting Kenyans. Nobody has any faith in the way banks operate in this country. We know very well that they will start campaigning against this Bill. Some of them will go to any lengths to ensure that this Bill is not signed. Both the Government and the Opposition agree that we need to do something. We need to control the interest rates in the country so that our youth and any Kenyan can take a loan. As it is right now, taking a loan from some banks is a big mistake. We have seen properties being sold. We want to make sure that the expectation of Kenyans when taking loans in the banks is not met by surprises. I support this Bill and thank the Mover."
}