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{
    "id": 959757,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/959757/?format=api",
    "text_counter": 161,
    "type": "speech",
    "speaker_name": "Igembe South, Independent",
    "speaker_title": "Hon. John Paul Mwirigi",
    "speaker": {
        "id": 1574,
        "legal_name": "Cyprian Kubai Iringo",
        "slug": "cyprian-kubai-iringo"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. I stand to support this Bill by Hon. Njomo. It is the right time when we are supposed to stand as a House and ensure that all laws which are passed and assented to by the President are complied with. The banks have taken advantage of the borrowers. For someone to start a business, he or she needs to be funded by a bank so that he or she can better his or her life. But the trend is changing and the borrower is being exploited by the lending institutions. So, it is good for this House to say that the 4 per cent which is proposed in this Bill and which was assented to by His Excellency the President is taken into account. The citizens of this country should not be taken for a ride by the banks. At the same time, the computation of the percentage should be according to the proposed law. That should be an annual rate. In some lending entities, you will see within a month they have recovered around 10, 18 or 27 per cent, meaning that the person who borrowed the money is being used as a vessel to work and earn profit for the bank that has lent the money. 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."
}