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{
    "id": 644518,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644518/?format=api",
    "text_counter": 86,
    "type": "speech",
    "speaker_name": "Hon. Ochieng",
    "speaker_title": "",
    "speaker": {
        "id": 2955,
        "legal_name": "David Ouma Ochieng'",
        "slug": "david-ouma-ochieng"
    },
    "content": "Most of the Kenyans who borrow loans today, probably, would not get those loans if you fix interest rates because banks will be jittery in dealing with them. Banks know that a certain client can pay and another one will not be able to pay, so they will hedge their interest in a certain way. Whereas I agree that the banking industry has been rogue, there must be found a way of dealing with that in a manner that includes inculcating the principle of transparency. We should know the costs of a loan. Why am I being charged this interest rate or service? Once we do that and put in place measures to ensure that our national paying system is strong and we modernise the services that go with this like the land and company registries and make doing business easy, we will go a long way. As I finalise my contribution on this matter, the CBK Governor and related institutions should look at the alternative means of bringing down interest rates. There are so many ways and as a Parliament, we should authorise them to look at these means to ensure that they can look at the other areas apart from what is being proposed by Hon. Jude Njomo. I will be opposing this Bill."
}