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{
    "id": 914952,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/914952/?format=api",
    "text_counter": 187,
    "type": "speech",
    "speaker_name": "Emuhaya, ANC",
    "speaker_title": "Hon. Milemba Omboko",
    "speaker": {
        "id": 13328,
        "legal_name": "Jeremiah Omboko Milemba",
        "slug": "jeremiah-omboko-milemba"
    },
    "content": "That is the main reason why the guarantor must be protected. This is because given that the spirit of the person giving out the money – that is the financial institution - is to make profits, for him he will be randy and go for any property without understanding that he should go for the principal borrower first before going to the guarantor. That is because he wants to make profit out of it. He is not honest. He is a profit-maker and capitalist. Therefore, this law has never come at the right time than now when Kenya is facing a mirage of borrowing online; a mirage of borrowing that has not been paid by Government in the form of pending Bills and many mushrooming financial institutions. One such financial institution is Kenya Women Finance Trust (KWFT), which has been very harsh in the villages whenever they give out money to women. They finally get more than they gave out as a loan because they attach all the guarantors and sell their property whether animals or houses. They even go to the extent of breaking down houses and taking the mabati or iron sheets and selling them. It is an orgy and wild party which I think the Hon. Member has come on time to bring to a stop. Therefore, I confidently and strongly support this law. Thank you, Hon. Temporary Deputy Speaker."
}