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{
    "id": 914957,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/914957/?format=api",
    "text_counter": 192,
    "type": "speech",
    "speaker_name": "Molo, JP",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": {
        "id": 13435,
        "legal_name": "Francis Kuria Kimani",
        "slug": "francis-kuria-kimani"
    },
    "content": "I find this rather unfortunate because the access to credit in this country has gone down as far as financial banks are concerned. On the contrary, we have seen mushrooming mobile applications for money borrowing. Some of their interest rates are as high as 180 per cent. So, how come there is a market and demand for loans at 180 per cent per annum to be repaid within one week, two weeks or a month and there is no same demand from our banks? It is because commercial banks have taken a simple route of only lending to what they call secured borrowers. If you have a payslip or property, you are secured. Nowadays, when you have immovable property, for example, land, they will lend you. They also want a security of a new motor vehicle or something they know in case of a default, they will come and take it. It is not just that. There is the issue of guarantors. For example, if I have guaranteed a Member of this House a loan and that Member default, instead of coming to seek for that money from me first, they should try to recover it from his property. That is what the Mover of this Motion wants to cure. Why should the bank not make an effort to reach out to that Member or employer and have the money recovered through the employer or take that contract to the loanee and go to the employer and say: “This loanee has this amount of money that they owe us and they have refused to pay”, before deducting the money from the guarantor’s account? It is because they have an easier way out. The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}