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{
    "id": 65249,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/65249/?format=api",
    "text_counter": 113,
    "type": "speech",
    "speaker_name": "Mr. Mungatana",
    "speaker_title": "",
    "speaker": {
        "id": 185,
        "legal_name": "Danson Buya Mungatana",
        "slug": "danson-mungatana"
    },
    "content": "Mr. Speaker, Sir, I wanted to bring to the attention of the Assistant Minister that the real question here is why is it that the cost of money is so expensive when you are dealing with individuals? I would like to lay on the Table the survey on bank charges and lending rates that was carried out by the Central Bank of Kenya. I just want the Assistant Minister to tell us in terms of reducing the cost of loans to individuals, what is the difficulty the Government is facing in standardizing those costs? If you look at this, there is a tabulation there on interest that is incurred on a loan of Kshs50,000 by various banks. Some of those banks will charge you facility fee, processing fees, early repayment fees, registration fees, valuation fees, insurance fees, appraisal fees, legal fees and all those fees that end up making the loan even more expensive than the interest itself. What is the Government doing to standardize and reduce the costs that affect an individual who comes to borrow money?"
}