Aden Bare Duale

All parliamentary appearances

Entries 15761 to 15770 of 17799.

• 17 Sep 2013 in National Assembly: The Microfinance (Amendment) Bill, 2013 is an amendment Bill to the existing Microfinance Act. I will only highlight on the amendments because this is an amendment Bill to the existing Act. view
• 17 Sep 2013 in National Assembly: As a country, we must have a very clear law and we must support the creation of a robust microfinance institution. Why do I say so? Kenya is a rural-based economy. We want as many Kenyans who cannot access the conventional banks to go to the microfinance institutions for two major reasons. First, accessibility is very key. The microfinance institutions are in our villages, towns and places where big banks like the Standard Chartered Bank, Barclays Bank and the Kenya Commercial Bank (KCB) and Equity Bank will not go. This House has an obligation to bring as many amendments as ... view
• 17 Sep 2013 in National Assembly: possible and enrich these amendments from the National Treasury to make sure that Kenya gets a very robust financial institution. Hon. Speaker, Sir, Clause 2 of this Bill seeks to amend Section 2 of the Microfinance Act. Where we have an amendment to an existing law, I urge the Parliamentary staff concerned to provide Members with that existing law so that they can look at these amendments based on the law that they have. view
• 17 Sep 2013 in National Assembly: Clause 2 of this Bill only seeks to amend Section 2 of the Microfinance Act. This is trying to define and refine the term “agency”. It wants to define the term “agency” and increase both in space and in time; that if you have a petrol station, a supermarket or a chemist and you can easily be identified within that locality and you are reachable, then you can get a license as an agency service on behalf of the deposit taking microfinance with the approval of the Central Bank of Kenya (CBK). view
• 17 Sep 2013 in National Assembly: Hon. Speaker, Sir, Clause 2 also defines the “significantly undercapitalized” institutions. This is mainly for the purpose of the Microfinance Act. It talks about how to create a more effective microfinance. view
• 17 Sep 2013 in National Assembly: Clause 3 of this amendment Bill seeks to amend Section 29 of the Microfinance Act. This one wants to empower the CBK to request the external auditors who work with it to provide additional information on their licensee. This is like a checks and balance. The CBK will use the external auditors to provide information on the licensee before they are granted that service. view
• 17 Sep 2013 in National Assembly: External auditors play a very important role. They provide quality assurance, safeguards and operations of the DTMs. External auditors are very important to the CBK, the depositors, the creditors, members of the public and Parliament. Most of the documents that we table here for scrutiny come from external and internal auditors. view
• 17 Sep 2013 in National Assembly: Clause 4 of this Bill can only deal with areas that this Bill is trying to amend based on the Microfinance Act. This clause seeks to amend Section 34 of the Microfinance Act. All that it does in this amendment is to empower the CBK to share both positive and negative information that they gather on behalf of the microfinance with other key institutions like the Kenya Revenue Authority (KRA), the regulatory institutions, fraud investigators, protection fund and the monetary authorities in order to make sure that this information helps in the proper discharge of the functions of the CBK ... view
• 17 Sep 2013 in National Assembly: Hon. Speaker, Sir, Clause 5 of this Bill seeks to amend Section 36 of the Microfinance Act by inserting a new subsection called “34A”. Again, this empowers the CBK to take punitive actions when auditor’s report or when an inspection reports that an institution in place is doing business contrary to the stipulated law. So, the new section 36A gives power to the CBK that if auditors and regulatory bodies raise the red flag on a microfinance institution against the provisions, regulations or guidelines of the CBK, then the CBK can move in fast and make sure that the interests ... view
• 17 Sep 2013 in National Assembly: Clause 6 of this Bill seeks to amend Section 37 of the Microfinance Act. Again, this one empowers the CBK to expand the number of grounds which may cause an intervention by the bank, in making sure that the management of a deposit-taking micro The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor. view