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{
    "id": 644554,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644554/?format=api",
    "text_counter": 122,
    "type": "speech",
    "speaker_name": "Hon. Sang",
    "speaker_title": "",
    "speaker": {
        "id": 1309,
        "legal_name": "Leonard Kipkosgei Sang",
        "slug": "leonard-kipkosgei-sang"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker, for this opportunity. I want to start by thanking my friend, Hon. Jude Njomo, for coming up with this very important Bill at this time. The object of this Bill, as is clearly indicated here, is to provide mechanism for regulation of banks and financial institutions’ interest rates through introduction of ceilings. Most of us are aware that most of our banks have a lot of issues and problems. Sometimes when banks have their annual general meetings, you are surprised at the kind of profits that they make. They tell you they have made around Kshs20 billion while some make Kshs30 billion. In the process, Kenyans are surely suffering. When you look at the living standards of most of the borrowers, every day Kenyans are going through a lot of problems. Once this Bill is assented to by the President, it will protect a good number of Kenyans including us. By doing this, as I have said, the living standards of our people will improve. We need to protect Kenyans, so that a good number of them can access banking services. A good number of Kenyans do not trust banks because banks have been fleecing them for a very long time. With this Bill, banks and microfinance institutions are going to see that we have done something for them. We also need to build confidence. A good number of Kenyans have lost confidence in our banking sector because of the issues that we saw the other day with Chase Bank, where directors give themselves huge amounts of money while the clients are crying everywhere. The small-scale business operators like kinyozis and vegetable vendors who have invested in banks are suffering whereas directors have given themselves billions and billions of shillings. It is unfortunate. Once this Bill is assented to, the regulations will ensure that the people who give themselves a lot of money are punished. We need to build confidence. Kenyans are losing confidence in banks. Once we lose confidence in banks because of the stealing that we have seen in our banks, I do not know where we will put our money. I support this important Bill and congratulate my friend, Hon. Jude Njomo, for coming up with it. I know within a very short time, Kenyans will be protected and they will have confidence in our banks. We are then going to build our economy, so that we can improve the living standards of our people."
}