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{
    "id": 644474,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644474/?format=api",
    "text_counter": 42,
    "type": "speech",
    "speaker_name": "Hon. Limo",
    "speaker_title": "",
    "speaker": {
        "id": 1915,
        "legal_name": "Joseph Kirui Limo",
        "slug": "joseph-kirui-limo"
    },
    "content": "saying; that we liberalise. It depends on the development level of the country. Therefore, if we continue saying that we should leave everything free, we are going to fleece our people. It is unreasonable for banks to behave like cartels who agree on what to do to ensure that they fleece Kenyans. They give you a lot of hope where there is no hope. In fact, we need to tell Kenyans to be very careful when they are putting their money in banks. You also need to be very careful in terms of negotiating for your interest rates. How come Kenyans rarely earn any interest for deposits? You deposit billions in the bank accounts but they do not declare any interest which you earn. You earn nothing out of it. They use the same money to give loans and charge up to 30 per cent. So, we need to put a cap and say that they should not exceed a certain percentage as suggested by Hon. Njomo. The 4 per cent is reasonable enough because it is able to pay whatever cost which the banks are charging. It is not only banks which are making Kenyans poorer. If you look at the communication sector, for example, you will find that companies are declaring billions of money as profits. These profits are supernormal. Therefore, we should ask regulators like Communications Authority of Kenya (CA) to come up with suggestions to cap charges charged by communication operators because people are becoming poorer in this country instead of getting richer. When it comes to these banks which are giving us nightmares, I support my friend, Hon. Mbadi, that there is a serious management crime in our banking sector. You will find that the same people who have been doing very well in the eyes of the public are the CEOs of the year. We need to come up with sanctions for these bodies which purport to analyse and come up with the best CEOs of the year. We need to investigate them. One year, somebody is the best CEO of the year, the following year, he is the worst criminal. Therefore, we wonder the kind of parameters these professional bodies use to analyse and say, “this is the best man in the world” and encourage people to deposit money there and later say it is insider lending yet it is corruption. Why is it called corruption in the public sector but when it comes to the private sector it is called insider lending? What is “insider lending”? If banks could not analyse and state the capacity of this---"
}