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{
    "id": 644476,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644476/?format=api",
    "text_counter": 44,
    "type": "speech",
    "speaker_name": "Hon. Wamunyinyi",
    "speaker_title": "",
    "speaker": {
        "id": 291,
        "legal_name": "Athanas Misiko Wafula Wamunyinyi",
        "slug": "athanas-wamunyinyi"
    },
    "content": "Thank you, Hon. Deputy Speaker for giving me the opportunity to contribute to this Bill, which is considered as one of the most important Bills. This Bill comes at a time when the banking industry is facing serious challenges. We have all seen the manner in which the few banks, including our own bank - the NBK - have traded with and treated Kenyans who are customers. They have suffered. Kenyans who had invested and deposited their money in Chase Bank lost millions of Kenya shillings when it went under. There must be a way of dealing with the banks. Specifically, this Bill seeks to provide regulation which would ensure that interest rates are predictable; the clients borrowing understand that there will be a ceiling and that when you borrow at a specific rate, that rate should not go beyond a certain ceiling. Therefore, I wish to commend Hon. Njomo for his decision to bring this Bill to Parliament. Most of us, namely Members of Parliament and members of the public, have suffered irreparable damage arising from interest rates charged by banks. Many have lost their properties and they are miserable as a result of interest rates charged by banks. Members of the public borrow little money or whichever amount they borrow but the interest rates go up constantly. They increase to unbearably high rates which lead to the customers failing to pay. This has led to litigation. 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."
}