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{
    "id": 736777,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/736777/?format=api",
    "text_counter": 112,
    "type": "speech",
    "speaker_name": "Hon. Tonui",
    "speaker_title": "",
    "speaker": {
        "id": 1242,
        "legal_name": "Ronald Kiprotich Tonui",
        "slug": "ronald-kiprotich-tonui"
    },
    "content": "Centre. This is because it sort of mobilises resources to be invested in any part of this country. That needs to be relooked. Once we come up with this Nairobi International Financial Centre, I think it is good to understand what this Bill contains. This Centre will be in charge of giving certification and not regulation so that there is no competition between this financial centre and the Central Bank of Kenya (CBK). This is because the CBK is mandated by law to regulate the financial sector in this country but the Nairobi International Financial Centre is meant to do something else, that is, certification and building confidence in the financial sector of this country. I think that needs to come out very well so that people can understand. This is another added safeguard in the financial sector. We have been having the CBK being in existence providing regulations and regulating the banks but, of course, we have seen very many banks collapsing with people’s money and creating poverty in this country. People who had resources all of a sudden find themselves without resources because the CBK has been unable to regulate the banking sector, at least, to a certain level. That is why Imperial Bank and Chase Bank collapsed. I believe having the Nairobi International Financial Centre provide an extra certification will ensure that we do not have incidences of financial institutions collapsing and compromising investments which have been made by various people in the financial sector. There is also a section in this Bill which creates a tribunal which will be dealing with financial issues to ensure that investors who will be investing in this country will be able to take their cases before this tribunal so that they are resolved faster. This is because if it goes through the usual court process of this country, the cases can drag on forever in the courts. If it is an issue to do with money, it leads to loses. I believe creating this tribunal will ensure that loses in terms of finance are minimised. I am also happy because a section of this Bill creates the Steering Council of Nairobi International Financial Centre. This Council, which is going to be chaired by none other than the President will provide oversight over the financial centre. What this means is that the Government is taking seriously issues of finance and investment in this country. I believe the creation of the Steering Council is a good direction to ensure that the issue of confidence is boosted in the sector."
}