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{
    "id": 954695,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/954695/?format=api",
    "text_counter": 387,
    "type": "speech",
    "speaker_name": "Kiminini, FORD-K",
    "speaker_title": "Hon. (Dr.) Chris Wamalwa",
    "speaker": {
        "id": 1889,
        "legal_name": "Chrisantus Wamalwa Wakhungu",
        "slug": "chrisantus-wamalwa-wakhungu"
    },
    "content": "Secondly, we have the merger between Commercial Bank of Africa (CBA) and the NIC Bank. It is a big monopoly. So, we cannot allow few people to enjoy such benefits at the expense of the common Kenyan. Again you want to remove the capping of interest rate for them to continue making abnormal profits. This is unacceptable! We are here for the interests of the common Kenyan. There is a big gap in this country between the rich and the poor. So, this amendment of the Banking Act is tantamount to robbery with violence. In the industry, we have credit facilities such as Fuliza . Look at the interest rates charged by Fuliza . It is abnormal. We need to investigate which banks are facilitating Fuliza . So, we must protect the consumer. You might be excited when you okoa jahazi on your mobile phone. This is an abnormal profit that Safaricom is making through Okoa Jahazi . Recently my credit was over and I borrowed Kshs1,000. Do you know how much they charged? Kshs100, that is 10 per cent per day. So, per annum it will be what? This is abnormal. So, it is high time we protected the consumer. You get money quickly but pay back through the nose. This is abnormal and 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."
}