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{
    "id": 959788,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/959788/?format=api",
    "text_counter": 192,
    "type": "speech",
    "speaker_name": "Mwea, JP",
    "speaker_title": "Hon. Josphat Kabinga",
    "speaker": {
        "id": 13441,
        "legal_name": "Josphat Kabinga Wachira",
        "slug": "josphat-kabinga-wachira-2"
    },
    "content": "I also want to thank the Judiciary for finding it necessary to postpone the enactment of the judgement that was made by one year, so that we can have enough time to re-look at this Act and come up with these amendments which are straightforward. They are just making things clearer so that the ambiguities that were in the original amendment can be clarified. In doing so, I also urge the Member for Kiambu not to get tired, but move forward and also look at other areas of banking, including the mobile banking where we also have problems. This also includes the informal sector that is completely ignored and yet a lot of transactions take place there. Where I come from, in Mwea Constituency, we farm. I am aware that our farmers do not possess legal documents that can allow them to move into banks and get credit facilities. Therefore, we have people in informal sector who have taken advantage of these farmers and they continue exploiting them. It is high time the Member for Kiambu, Hon. Jude Njomo, comes in to look at that sector too. I can see that the Member is so busy that he may not be listening to some of the key points that I am raising. The other area that he needs to look at is the Microfinance Bill. When this Bill was passed in 2015 and became an Act of Parliament in 2016, the microfinance institutions took it to the lawyers who interpreted that the law does not apply to them. For that reason, Kenyans are charged much more interest through microfinance institutions. Some of the banks were innovative enough to open micro-financel institutions so that they can continue exploiting Kenyans. Therefore, that sector needs to be looked at so that this Bill can directly also touch on the Microfinance Bill. The interpretation has been that the Bill only affects the Banking Act and that it does not concern the Microfinance Act. That is how these institutions have been able to run away from this particular Bill and, therefore, charge interest that is higher than the 4 per cent capping over and above the CBK‟s base lending rate."
}