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{
    "id": 959713,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/959713/?format=api",
    "text_counter": 117,
    "type": "speech",
    "speaker_name": "Makueni, WDM-K",
    "speaker_title": "Hon. Daniel Maanzo",
    "speaker": {
        "id": 2197,
        "legal_name": "Daniel Kitonga Maanzo",
        "slug": "daniel-kitonga-maanzo"
    },
    "content": "I believe the President of the Republic of Kenya will again act in the best interest of Kenyans. I also believe that this House will this time round support this Bill in a big way. We represent Kenyans in this House and I believe, as a House, we act in the best interest of the common Kenyan who is not likely to grow economically by investing in businesses unless they take a loan. When retired President Mwai Kibaki became the Head of State in 2003, he encouraged commerce in the country and put in place a good atmosphere for people to borrow. Many Kenyan borrowed money from banks despite the high rates and grew the economy. There is a reason why interest rates should be capped so that Kenyans are not exploited by banks and there is a balance and inclusivity in the financial sector so that as many Kenyans as possible can grow their businesses. When that happens, even the banks will do better. So, the banks should encourage many people to borrow. When they charge high interest rates, they discourage many people from borrowing. Reasonable interest rates will ensure banks have more customers borrowing. As a practitioner in this field, I can assure the House that after the capping of interest rates, many Kenyans went to borrow money. But the banks were not making much money. Therefore, that is probably what has made it possible for someone to go to court and petition. Courts, in one way or another make laws. That is why the constitutional court has guided us to relook at this matter again on the Floor of the House. It has even given 12 months for it to be considered, meaning that the law we passed is still in place until the expiry of the 12 months. Therefore, the House must move with speed and pass the law so that it goes through all the processes and within a year, we would have replaced the older law."
}