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{
    "id": 915012,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/915012/?format=api",
    "text_counter": 247,
    "type": "speech",
    "speaker_name": "Bomet Central, JP",
    "speaker_title": "Hon. Ronald Tonui",
    "speaker": {
        "id": 1242,
        "legal_name": "Ronald Kiprotich Tonui",
        "slug": "ronald-kiprotich-tonui"
    },
    "content": "At the same time, the guarantors also need to be warned. They should be aware of what they are doing, and what they are appending their signatures to. They should not be signing blindly. They also need to know the credit worthiness of the people they are guaranteeing. That is because some of them or many people these days want to get rich quickly. I believe we are in the gambling generation, where we want to have shortcuts. We are ever looking for money. We want to live the life which we cannot even afford. Therefore, we even borrow and do whatever to bet and do such things. We are also unfair as Parliament. We have also allowed some laws which are quite unfair to the public, like these ones on betting which allow a lot of borrowing through M-Shwari. Nearly every youth is in the Credit Reference Bureau (CRB). This is because we adjusted the tax from 50 per cent on gambling and betting to 15 per cent. It is possibly because of vested interest from both the Executive and this House. We stand to be blamed, although the Executive stands to be blamed more. That adjustment was made by the Executive, through this House, which failed to get the two thirds majority to overwrite it. There is also this issue of people who are living flashy lifestyles. I believe our people need to be made aware of these fellows who are living flashy lifestyles - fake millionaires. They are moving around even in choppers. You know, you can easily guarantee them because they look like they have lots of money and resources. Once you have guaranteed them, you will discover that they are fake and they do not have those monies which they seem to show off everywhere. They are not creditworthy. The issue of assessing the creditworthiness of the borrowers needs to be re-emphasised. The banks should not simply be flashing their money around and then target guarantors without, first of all, assessing well the creditworthiness of their borrowers or creditors. The Government should also come in to assist in accessing cheaper credit. What we have in this country is very expensive credit. We understand that in a country like Japan, for one to deposit money in a bank, they have to pay the bank. The interest rates there are less than 5 per cent. Is there not a way the Government can guarantee banks that we have, especially Government banks and SACCOs to borrow directly and cheaply from those banks and lend to us so that we can have cheaper credit? The current economic situation in this country is such that if you go to a bank to borrow money, and you are honest that you want to open a shop, certainly, you will never repay that loan. Your property will be sold to recover it. It is only people who get tenders and are connected with the national and county governments that are able to repay loans. Others who are struggling out there, without any boost cannot make more than 10 per cent profit. As we all know, the least interest rate is around 15 per cent. The cost of employees and operations cannot be taken care of by the profits made from such a business. Therefore, repaying the loan is next to impossible. So, we need the Government to come in and look for cheaper options of accessing money from outside that will enable its banks and SACCOs to have money, so that they can lend cheaply. That way we will invest and develop ourselves. Thank you."
}