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{
    "id": 644572,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644572/?format=api",
    "text_counter": 140,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) Chepkwony",
    "speaker_title": "",
    "speaker": {
        "id": 640,
        "legal_name": "Hellen Chelangat Chepkwony",
        "slug": "hellen-chelangat-chepkwony"
    },
    "content": "people to engage in business, especially in my area where women are not so keen on doing business because they do not have money. The moment you tell them to apply for loans, they fear because of interest rates which are never controlled by the Government. They are told to take loans and that they will pay interest rates of 10 or 12 per cent. They end up paying at interest rates of over 20 per cent. I thank Hon. Njomo for bringing this Bill. We want it to be implemented. We pass so many pieces of legislation in Parliament, but they are never implemented. Imperial Bank, which went under receivership, had the tea farmers’ money. It went under receivership with over Kshs3 billion of tea farmers’ money. The farmers do not know that this is going to affect them when it comes to bonuses. Without regulation of those banks, our people are going to suffer. The farmers are hoping that they are going to get their bonuses in October, not knowing that the bank that they had put their money in has gone under receivership. Those things must be taken seriously. Those banks engage in their own private businesses in their own time. I thank the Governor of the Central Bank of Kenya, Patrick Njoroge, for cleaning up those banks, which cheat farmers and business people. How can we improve our economy when the banks exaggerate their interest rates? We cannot have that. So many people have had their property auctioned. The banks have taken cows, house seats and vehicles without minding the people. They are only looking out for their own interests. They are not looking at the interests of"
}