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{
    "id": 959791,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/959791/?format=api",
    "text_counter": 195,
    "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 urge the Government to minimise its borrowing from the local banks. By doing so, the banks have found an alternative to business lending and have turned to the Government as its major customer. As we are talking about this Bill, it is upon the Government to also come in and support it indirectly by not borrowing much so that banks can find it necessary to adopt the recommendations of this Bill. It will also reach out to the would-be borrowers without ignoring them in the name of having an alternative market. As we do so, we also need to ensure that there is more civic education to our communities and businesses so that they can know their rights and responsibilities. One of the amendments in this Bill seeks to punish the customer for accepting to be given loans at a higher interest rate than it is recommended in the Bill. This is something that most of the business communities out there will take time to understand. We, therefore, urge the CBK, as a regulator, to increase civic education. When some of our people borrow money today, they do not understand the loan statements. Most of the time, the loan statements are never given out. Therefore, they do not know the kind of charges that have been levied on the loans that they have borrowed. Consequently, our business communities and sectors go down. People borrow and instead of doing well, at the end of the day we see auctioneers who go for their goods. In some cases, they end up in an asylum because that is something that they never expected."
}