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{
    "id": 644471,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644471/?format=api",
    "text_counter": 39,
    "type": "speech",
    "speaker_name": "Hon. Ng’ongo",
    "speaker_title": "",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "Thank you, Hon. Deputy Speaker. I want to contribute to the Amendment Bill by Hon. Jude Njomo. I start by saying that this House has made several attempts before. I recognise that this attempt was made by Hon. Jakoyo in a number of occasions through the Finance Bill. It was to have banks controlled in terms of the way they are fleecing the people of Kenya. All of us are aware that the interest rates offered by the banking sector are completely unacceptable. You will find the sector giving us very little in terms of interest on deposits and yet they charge those they give loans a lot of money. It is high time this House took a bold step. I know the banking sector is very difficult to fight. That is what has brought this ailment. If it were easy to fight the banking sector or to control it, this amendment would have come earlier. I remember there was even a time as a House when we were invited by the former President to persuade us to drop similar amendment but the Members of Parliament refused. Finally, it was not assented to. I want to appeal to the President that this time, given the happenings in the banking sector, the moment we pass this amendment Bill - and I am sure it is going to be passed - he should cooperate with the people of Kenya who are feeling fleeced by the banking sector and signs this amendment into law. We should rein in on banks and make them know that they are not gods. It is unethical that the banking sector is operating like cartels out to fleece ordinary poor Kenyans. The kinds of profits that are declared by the banking sector in this country are The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}