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{
    "id": 632516,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/632516/?format=api",
    "text_counter": 223,
    "type": "speech",
    "speaker_name": "Hon. Oyoo",
    "speaker_title": "",
    "speaker": {
        "id": 2408,
        "legal_name": "James Onyango Oyoo",
        "slug": "james-onyango-oyoo"
    },
    "content": "Kenya. Because of craving for wealth, those who were given responsibilities to run these banks made them fully-fledged commercial banks. The purpose of acquiring these banks was to give foreign banks competition. If KCB had been properly run, with the consideration of people’s interests at heart, they would have brought the interest rates down, so that many customers who were going to Barclays Bank would have flocked to KCB. But over time, the chief executives of KCB also found it appropriate to follow the trend of Barclays Bank and Standard Chartered Bank. This has not given Kenyans breathing space. I appeal to my colleagues to pass this Bill. I also appeal to the rulers sitting in the house on the hill to ensure that they put ink to paper on this Bill, so that Kenyans can have a regulated banking industry. Interest rates should be lowered, so that business can be done. Nobody can do business at 25 per cent interest, unless some people will be allowed to engage in heroin business because that is the only business that can give you 50 per cent of your proceeds or more and then you can service your loans. Currently, we have a gagging order from the CBK. If you are a holder of an account from a prestigious bank, you must have received advice that CBK now puts a cap on your deposit."
}