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{
    "id": 632513,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/632513/?format=api",
    "text_counter": 220,
    "type": "speech",
    "speaker_name": "Hon. Memusi",
    "speaker_title": "",
    "speaker": {
        "id": 1661,
        "legal_name": "Elijah Memusi Kanchory",
        "slug": "elijah-memusi-kanchory"
    },
    "content": "The Government’s effort to avail cheap money to the youth and women has not been successful. The way forward is for this House to pass this Bill in order to make credit accessible to our people. The main role of the Government is to create an enabling environment for its citizens to work, provide security for businesses and not to give handouts. This is one way this Government can make an impact and leave a legacy. If we pass this Bill, all Kenyans will enjoy the benefits of accessing cheap credit. The other day, we saw the CBK publishing the most expensive banks in terms of credit and the cheapest. The most expensive bank among them was K-Rep Bank with an interest rate of 25 per cent. I do not know of any business in this country that can give you a return of 25 per cent. That is very high. I have a lot of respect for Barclays Bank because I am a banker and I worked there, but the strategy it employed when it was enjoying monopoly in the country was making it very expensive for Kenyans to operate bank accounts. That strategy did not work well for them. Equity Bank came and targeted mass market. It made it cheap for Kenyans to bank and they succeeded. Banks can still make money if they target everybody. If everybody can access money to work for them, this country will move forward. I rise to support this Bill and urge the Members to support it and make this country a country where anybody who has an idea or wants to work can access money."
}