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{
    "id": 644473,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644473/?format=api",
    "text_counter": 41,
    "type": "speech",
    "speaker_name": "Hon. Limo",
    "speaker_title": "",
    "speaker": {
        "id": 1915,
        "legal_name": "Joseph Kirui Limo",
        "slug": "joseph-kirui-limo"
    },
    "content": "Thank you, Hon. Deputy Speaker. I also rise to support this very important Bill. The entrepreneurs of this country have been discouraged for a long time. Every time you want to borrow money, the first thing you do is that you will be given hope which is normally false. You will be given goodies by banks which will give you loans and all sorts of things but there are many hidden costs. Other than the high interest rates which in most cases they do not disclose, there are many hidden charges which discourage people. You will find somebody borrowing Kshs50,000 but within a very short time, he is required to pay Kshs80,000. If you delay a bit, you will be required to pay Kshs120,000. It is unethical in any way we look at it, that the interest is more than the capital you borrowed. Therefore, this attempt to cap interest rates is long overdue. We remember the popular “Donde Bill” long time ago, which never was. I hope this time round, Njomo’s Bill will be implemented. We need to be very independent as a country. We cannot follow what the world is 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."
}