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{
    "id": 723023,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/723023/?format=api",
    "text_counter": 125,
    "type": "speech",
    "speaker_name": "Hon. Wakhungu",
    "speaker_title": "",
    "speaker": {
        "id": 1889,
        "legal_name": "Chrisantus Wamalwa Wakhungu",
        "slug": "chrisantus-wamalwa-wakhungu"
    },
    "content": "I request Hon. Members to support this Bill on the SACCO movement. Recently, we passed a Bill by Jude Njomo capping the interest rates in the banks. At the moment, Banks are not even lending money to people. The core business of a bank is to lend money. When I shared with one of the directors, he told me it is a big risk to lend money because they are not assured of repayments. That is because the interest rate is controlled and they have a lot of overheads. This has led to many banks laying-off staff. The SACCOs are now a replacement and Kenyans are borrowing money from them as opposed to banks. That is because you borrow what you have saved. This is a very important Bill which is going to play a very critical role in as far as the economy of this country is concerned."
}