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{
    "id": 825289,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/825289/?format=api",
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    "content": "concern to Kenyans is whether there is pressure from other forces beyond this nation and our borders for us to revisit the issue of interest caps. It should not be lost to this House that the people of Kenya, in awarding themselves a constitution, did dictate that this is a sovereign state. Beyond that, they went further to decide how governance shall be conducted in this country. One of the issues we stand by as a country is the principle of democracy; so much so that even this House as constituted is a product of democracy. Kenyans are very concerned to hear if we are receiving any pressure from institutions that are not, themselves, democratically formulated. The issue or word around town is that there is pressure from the Bretton Woods Institutions such as the International Monetary Fund on how to conduct our affairs as a country. I do not want to belabour that point. However, I would like it to be noted that Kenya cannot be receiving directions, as a democratically constituted country, from people who are not a product of a democratic process. I would like to anticipate the discussions that will be happening when we go into the Committee of the whole House and report here and now that I shall also be introducing some amendments to this Finance Bill. Of concern, which is my second point, is Clause 31 where there is a proposal that the First Schedule to the Excise Duty Act, 2015 be amended and further, paragraph (5), says that excise duty on fees charged for money transfer services by banks, money transfer agencies and other financial service providers shall be 10 per cent of the excisable value. I would like to say that going by the reports, we are told that as we speak today, more than half of Kenya’s GDP in terms of value is being transacted on mobile money transfer platforms."
}