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{
    "id": 915002,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/915002/?format=api",
    "text_counter": 237,
    "type": "speech",
    "speaker_name": "Saboti, ODM",
    "speaker_title": "Hon. Caleb Luyai",
    "speaker": {
        "id": 2740,
        "legal_name": "Caleb Amisi Luyai",
        "slug": "caleb-amisi-luyai"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. I have been patiently waiting for this chance to voice my support to this very timely Bill. Some of the laws that guide our financial institutions were heavily borrowed from other jurisdictions. As much as I worked elsewhere, our cultural and social setup is quite different. You can see the mushrooming of banks around this country. Commercial banks have found an easier way of making profit out of some of the laws that cushion them against the risk of lending. That is why this Bill is timely. Most Kenyans have suffered for guaranteeing friends. Our culture is such that we are a friendly and harmonious society. We are mindful of each other. Some of us guarantee friends just out of courtesy - someone is in distress and has called upon you to guarantee him so that he can get some quick money for business or something else . Regarding business, the status of our economy does not guarantee a return on investment. The whole lending process has faced myriads of problems. It is high time we looked at our laws in totality, including even the Constitution. Remember, we have an imbroglio between the Senate and the National Assembly because of laws that were literally airlifted from elsewhere. It is time we started assessing our own laws and guide our financial institutions whether they are plausible within our cultural, social and economic set up."
}