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{
    "id": 721672,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/721672/?format=api",
    "text_counter": 300,
    "type": "speech",
    "speaker_name": "Hon. Midiwo",
    "speaker_title": "",
    "speaker": {
        "id": 184,
        "legal_name": "Washington Jakoyo Midiwo",
        "slug": "jakoyo-midiwo"
    },
    "content": "Hon. Temporary Deputy Speaker, I withdraw. Let me support this Bill by saying that only shylocks now accept logbooks. I was in this House when we were fighting interest rates. We have a system where banks are now giving reasonable rates but are not accepting our collaterals. They are not even lending. Let us put something in law to remind them that very soon we will go after them again because we still think 14 per cent is too high. Let me also warn the SACCOs which have refused to adhere to a law signed by the President capping the interest rates. SACCOs must know that very soon, using Article 46 of the Constitution, we shall institute a class action suit for everybody and every business which overcharges interest away from the law of the land. So, we want our traders to consider--- That is their savings. The court will agree with us. We still have SACCOs which are licensed by the State and yet they charge people between 25 per cent and 30 per cent against the law of the land. We must do something about who can offer banking services in this country. How is it that the State and Parliament are quiet when Safaricom is accepting deposits from Kenyans? Safaricom is a telecommunications company. How is it that the State cannot suggest that we separate the business of telecommunications from that of banking? Mpesa is not telecommunications; it is a banking activity. In the last eight months of 2016 our economy lost 135,000 jobs in the formal sector and half of those were from banks. What does Safaricom expect our banks to do? Our banks are The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}