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{
    "id": 954794,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/954794/?format=api",
    "text_counter": 486,
    "type": "speech",
    "speaker_name": "Othaya, JP",
    "speaker_title": "Hon. Gichuki Mugambi",
    "speaker": {
        "id": 13463,
        "legal_name": "James Gichuki Mugambi",
        "slug": "james-gichuki-mugambi-2"
    },
    "content": "Hon. Temporary Deputy Speaker, if we support SMEs through a proper fiscal framework, they do not need cheaper money from the banks than what they are getting today. We also need to think, as a House, and I am sure some of us will come with that framework, that today banks have seen a loophole. They are lending through digital platforms at rates that are unimaginable. Today, Fuliza has lent about Kshs80 billion to Kenyans at exorbitant rates of 5 per cent per month which works at 60 per cent per annum. Today, they do not want to be controlled. You can see where we have no control like on digital lending platform, banks are exploiting Kenyans. They are lending recklessly because much of this money is going on consumption. Kenyans, especially the youth, have no longer a chance to save. Even before they learn how to save, they have been given free money without struggle. They do not need to go to any bank. With only a phone and an identity card, they owe banks money which they did not invest in anything and they are supposed to pay back at 60 per cent. We have to save our Kenyans. We have to save our youth from this kind of threats because they will never know and learn how to save."
}