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{
    "id": 915004,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/915004/?format=api",
    "text_counter": 239,
    "type": "speech",
    "speaker_name": "Saboti, ODM",
    "speaker_title": "Hon. Caleb Luyai",
    "speaker": {
        "id": 2740,
        "legal_name": "Caleb Amisi Luyai",
        "slug": "caleb-amisi-luyai"
    },
    "content": "This Bill will cushion many innocent Kenyans who have been guaranteeing friends out of courtesy and goodwill, but who eventually lose their properties and expose their families to poverty. You can ask yourself why we have so many banks in a country with a population of 45 million. We have about 50 banks. Empirically, it shows that for every one million Kenyans, there is one bank. It is because the banks have found it palatable to just give loans knowing very well that they are cushioned against risk. They use guarantors to cushion themselves from risks. That is why if you look at all the financial statements of most banks, their profit emanate from interest on borrowed money. Commercial banks will not be happy with some of these amendments, but it is for the good of the country. We must regulate our financial institutions to protect innocent borrowers who go on losing instead of making profit out of their investments. We have so many cases of that nature. This is a timely Bill. I congratulate Hon. Waititu for bringing it to the House. With those remarks, I support. 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."
}