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{
    "id": 632502,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/632502/?format=api",
    "text_counter": 209,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) Amolo",
    "speaker_title": "",
    "speaker": {
        "id": 631,
        "legal_name": "Rachel Ameso Amolo",
        "slug": "rachel-ameso-amolo"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker. I stand to support this Bill brought by Hon. Jude Njomo. It has become a very costly business venture for ordinary Kenyan to continue banking. Kenyans who have taken mortgages are unable to repay the loans because interest rates keep going up. There are also many indirect costs. Sometimes you are not even given indication of who to address these issues to or somebody who can take you through what is happening and for how long it is going to take place. Many times you go to the bank and you are given a huge document in small prints which you are supposed to read in a very short time and then you are shown where to sign. The issue of repaying mortgage is affecting many Kenyans. At the end of it, those houses are repossessed by the same banks. People end up losing their lives or their savings and investments just because the rise in interest rates is not communicated to the mwananchi in good time, so that they can opt not to take mortgages any more. The other thing is that banks make huge amounts of profits, but we do not get the services that we require because bank employees are very demotivated. They have no time to even explain to the customers what is happening. Yes, banks make huge amounts of profit, but the same banks’ employees are not motivated. They are not paid well based on the huge profits. It means that the employees will not give information to Kenyans who seek services in the banks. So, banks should look at how they are taking care of Kenyans who work for them. The other issue is about empowering the youth and women in this country. Every day, we sing about empowering women and the youth, but where are we sending them? Somebody has a contract or tender, but when they go to the banks, they cannot afford to take a loan because of the interest rates. Banks have to look at how to empower Kenyans, so that we can do business and build our economy. Today, in Kakamega County, there is plenty of food, but there is no money in circulation. The two kilogramme maize flour is still going at Kshs60 and yet the mwananchi cannot afford to buy it because there is no money in circulation. Kenyans are not taking money to banks. Instead, they believe in putting money somewhere in the house. This is a big risk in terms of doing business and building our economy. It is very important for us to cap interest rates. I have heard other Members opposing this Bill, but capping interest rates will be very important. Let there be clear rules that we can all follow and build our economy. Take for example the petroleum industry. We know that every 14th day of the month, the Energy Regulatory Commission (ERC) announces fuel prices, so that we are prepared. We should have a regulatory commission to look at interest rates in this country, so that at any given time, we know when interest rates will go down."
}