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{
    "id": 644479,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644479/?format=api",
    "text_counter": 47,
    "type": "speech",
    "speaker_name": "Hon. Gichigi",
    "speaker_title": "",
    "speaker": {
        "id": 1909,
        "legal_name": "Samuel Kamunye Gichigi",
        "slug": "samuel-kamunye-gichigi"
    },
    "content": "Thank you, Hon. Deputy Speaker. I rise to support this Bill. Like my colleagues, I congratulate my colleague Hon. Jude Njomo for being bold enough to come up with this proposal. I wish to start by saying that not all banks are rogue. It is good for Kenyans to know that we have had a very good history with some banks. We, therefore, need not condemn all banks as a whole. Having said that, it is now clear that we have banks that are run, owned and managed by fraudsters. It is high time we came up with the necessary legal framework to protect Kenyan depositors and the economy from these fraudsters. It is important even for the very good banks to be regulated. The charges that they heap on their customers even when you have not borrowed are exorbitant. It is high time we passed a law that requires banks to act like the former local authorities using what was called “a single permit” where all the charges were lumped together. A person going to the bank knows that this is the much that he or she is going to pay to the bank for operating an account there. If you look at any ordinary bank statement, you will find that there are very many charges that it is difficult to keep track on how much money the bank is getting from its customers. With regard to loans, the relationship is usually skewed. As a lawyer who has handled many cases including representing people who have had tussles with banks, when a person borrows money and you look at the document that is signed, be it the charge document or the mortgage document, it is so detailed even for a lawyer to explain it to the borrower. The 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."
}