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{
    "id": 644509,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644509/?format=api",
    "text_counter": 77,
    "type": "speech",
    "speaker_name": "Hon. Makenga",
    "speaker_title": "",
    "speaker": {
        "id": 1650,
        "legal_name": "Richard Makenga Katemi",
        "slug": "richard-makenga-katemi"
    },
    "content": "Thank you, Hon. Deputy Speaker for this opportunity. I rise to support this important and timely Bill. Kenyan Banks have a tendency of operating like pyramid schemes, particularly the newly formed banks. They come up with lucrative packages which at the end of the day are meant to attract customers. Once the customers come and fill the bank, they end up being disappointed because when they negotiate a certain percentage of interest rate, for example, 17 per cent, when they borrow, they end up paying more. Somebody who borrowed money at the rate of 17 per cent ends up repaying at the rate of 30 per cent. It is high time the Government reined in the Central Bank as the supervisory body to ensure that banks operate within the regulations that are there. We can attribute the falling of these banks to poor supervisory by the Central Bank. The Central Bank monitors the business or transactions of commercial banks or micro-finances. You cannot tell me that banks just fall overnight. There must be a history, whether for two weeks or one month. They should have monitored and put such things to halt. I support the Bill when it says that interest rates should be pegged at 4 percent above the CBK rate. Some of the banks have turned borrowers into beggars and very poor people. You walk into a bank, borrow money and all the investment that you have accumulated is lost because a lot of money has interest. Officers who are charged with monitoring commercial banks should be very strict, so that similar cases do not happen in our country. Some banks went under 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."
}