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{
    "id": 914903,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/914903/?format=api",
    "text_counter": 138,
    "type": "speech",
    "speaker_name": "Kiminini, FORD-K",
    "speaker_title": "Hon. (Dr.) Chris Wamalwa",
    "speaker": {
        "id": 1889,
        "legal_name": "Chrisantus Wamalwa Wakhungu",
        "slug": "chrisantus-wamalwa-wakhungu"
    },
    "content": "borrowed. Borrowers have become sharper. They have even gone to an extent of conspiring with the people they borrowed money from. So, instead of the lender pursuing the borrower, he pursues the guarantor. Conspiracy has been going on. So, it becomes something that is very difficult. This law will protect guarantors. We know very well that for us to have a successful business and do business, we must borrow money. We know very well that people do not have start-up capital. Small and Medium Enterprises (SMEs) need start-up capital to do business. For them to get money, they have to borrow from banks. The core business of a bank is to give out money. That is why when it comes to the issue of capping bank interest rates, we must resist what the Governor of Central Bank of Kenya (CBK) wants to put across. We cannot leave banks to regulate themselves. Banks cannot continue making abnormal profits at the expense of business people. If you look at the law of demand and supply, naturally, when a price of a commodity has gone down, the demand is supposed to go high because there will be many people who can afford that product. However, in the banking sector, it is now the opposite because banks have conspired and they are not giving SMEs money because they think it is risky. It is something to do with integrity. That is why CBK, as a regulator, has a role to play. Many commercial banks do not want to give money to SMEs. The Government is also competing with the small mwananchi in terms of borrowing. The law that was passed, which was sponsored by Hon. Jude Njomo, the servant of the great people of Kiambu, is in the interest of SMEs. We want to tell whoever wants to amend the interest capping law that this House will not accept it. Commercial banks have categorised politicians as politically risky people. We are not given loans. So, we are only surviving by using our PACOSO loans that we have here. But they also have a limitation. You cannot borrow much. So, I am humbly requesting Hon. Members to support this Law of Contract (Amendment) Bill for the purposes of guaranteeing even peace in homes. It is in line with the Matrimonial Property Bill that we passed here. Today, you cannot just sell your house without the consent of your spouse. If you do not have a spouse, you must have an affidavit to prove that. Mothers most of the time see auctioneers coming and they get kicked out of the house without knowing that their husbands had used that family house as collateral."
}