Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 644565,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644565/?format=api",
    "text_counter": 133,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) Muia",
    "speaker_title": "",
    "speaker": {
        "id": 1872,
        "legal_name": "Regina Nthambi Muia",
        "slug": "regina-nthambi-muia"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker. I rise to support this Bill. Kenyans are tired of listening and watching news of people playing around with their money. I am shocked just as others have said, that a day before this bank was closed, I saw the Governor of the CBK assuring Kenyans that the bank is okay and customers should not worry, only to see customers the following day lining up reading a statement that the bank has been closed. One wonders what happens with the auditors who were in charge of the bank. When new banks are opened, I am sure there are procedures which are followed. The new ones are usually monitored on how they are doing. Secondly, this bank has gone outside and opened several small branches in the rural areas where small business people have sunk their money. If this continues, the gap between the rich and poor will widen. Some of the directors are walking free in the streets. We are supposed to see these people being put in and investigations done. Once they are out there, nothing concrete will come out of this because there will be a lot of interference. It is not only the banking sector, but when we look at the National Youth Service (NYS) and other areas where people are given mandate to take care of our money, we need some seriousness. After two or three months, you hear that a bank has gone down and nothing happens. Interest rates in this country have discouraged so many people from investing. When you borrow Kshs1 million, you end up paying more than what you borrowed. This Parliament should come up with a law to regulate this. For example, if I borrow money at 15 per cent today, the interest rate must remain at 15 per cent until the loan is repaid. It frustrates many people. We say that we want to implement certain provisions but nothing happens. Investigations are done for two or three months, but at the end of the day, nothing is done. What is happening? Look at the Uwezo Fund. We get money for Uwezo Fund, but the requirements are too high even for women to access the money. Is there a way these small enterprises can be given loans at low interest rates? The interest rates should not be similar to the interest rates for big investors in industries and other big properties. The rate can be 3 or 5 per cent. The gap I am talking about will continue. There is a very big gap between the rich and the poor and the poor always suffer. I wish to request the Governor of the CBK to work on this issue. The small person down there needs to be protected and this House has a mandate to do that."
}