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{
    "id": 904302,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/904302/?format=api",
    "text_counter": 41,
    "type": "speech",
    "speaker_name": "Sen. Sakaja",
    "speaker_title": "",
    "speaker": {
        "id": 13131,
        "legal_name": "Johnson Arthur Sakaja",
        "slug": "johnson-arthur-sakaja"
    },
    "content": "Fintech and the other mobile lending platforms. An interest of 10 per cent per month comes to 120 per cent a year and that is too high. A lot of Kenyans are in debt and they are being auctioned because of this. Let us look at this issue. People are now betting and getting involved in all manner of things because we cannot provide an alternative source of money. I am sure that many Members get distress calls from their constituents because someone has debt. The Members may not know that the Central Bank of Kenya (CBK) has no regulations for the Fintech industry when it comes to mobile lending. They are not regulated because they say that they are not banks. All they need to operate that business is a letter of no objection. We want legislative frameworks that can protect all Kenyans who take loans because the rates are too high and the deposits that they are putting in are not protected or guaranteed. We do not want a situation where people put money somewhere just for them to lose it. I thank Sen. Milgo for raising that important issue and I wish that a Member or the Chairperson of the Committee on Finance and Budget can take up this matter because many people are getting lost in debt."
}