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{
    "id": 644477,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644477/?format=api",
    "text_counter": 45,
    "type": "speech",
    "speaker_name": "Hon. Wamunyinyi",
    "speaker_title": "",
    "speaker": {
        "id": 291,
        "legal_name": "Athanas Misiko Wafula Wamunyinyi",
        "slug": "athanas-wamunyinyi"
    },
    "content": "Members of the public have been victims. We should support this Bill and ensure that we rein in on banking institutions which have specialised in getting customers to borrow but they end up harassing and robbing them of their funds and properties. I can term this as robbery because the manner in which the public has lost funds and property is not acceptable. One other issue relating to the banking industry, which will need to be addressed, is on reporting. At the moment, if you hold an account in one bank and it becomes dormant and attracts charges; you are reported to have defaulted. There is no mechanism once you normalise the situation. If you had a loan and you did not service it on time, there is no mechanism for reporting that that customer or that member of the public at some point defaulted but has normalised the situation. There is no such arrangement. It is easy for this to be done. For instance, you may have taken a loan with the Cooperative Bank of Kenya, repaid through difficulties and completed the loan. If you went to another bank after it had been reported that you had defaulted and nothing had been corrected, you would be said to be having a loan elsewhere or to have failed to pay. We need to put in place mechanisms to deal with this. Professionals like Hon. Ichung’wah should work on ways of ensuring that once you had been reported to have defaulted and you have normalised the situation, there is some mechanism of ensuring that a report is made to the relevant authorities to ensure that you are not penalised or suffer damages in future. It is important for us as Kenyans and, particularly Members of Parliament, to ensure that we streamline issues of banking and financial institutions in this country. It is not the first time that we are experiencing these problems. They have been there in the past but no adequate measures or steps were taken to ensure resolution of these problems. I call on the Government as we debate and pass this Bill, to ensure that adequate control is put in place to safeguard the interests of Kenyans. With those few remarks, I beg to support the Bill."
}