Jude L. Kangethe Njomo

All parliamentary appearances

Entries 211 to 220 of 525.

• 28 Aug 2018 in National Assembly: Thank you, Hon. Temporary Deputy Speaker. First, I would like to congratulate the Finance Committee for a job well done. They have come up with a very good report. I will restrict myself to the proposal to delete the interest rate capping section of the Banking Act. If you remember very well, when this capping was done in 2016, the banks refused to come and give their views to the committee which was working on that review then. It was only after writing to them that they organised to come and give their views. They said that once the capping ... view
• 28 Aug 2018 in National Assembly: remember well, KCB made Kshs12.1 billion. That was 18 per cent increment from what they made the previous year. Equity Bank made Kshs11.1 billion, up from Kshs9.4 billion the previous year. Co-operative Bank made Kshs9.98 billion, which marked 7.6 per cent increment from what they had last year. Very few businesses in Kenya are able to make this kind of profits in a half year. Therefore, we should not listen to the crocodile tears that the banks are making to cheat us. I was very shocked when the finance committee had initially given its report and said that they were ... view
• 28 Aug 2018 in National Assembly: I have with me a report from the National Treasury on the proposed amendments to this Bill. The National Treasury has never supported the capping of interest rates. It has always felt that it is better for us to have a free market by banks. However, we have always argued that the market will never be free because our banks have formed cartels and our interest rates are not determined by the market forces. They are determined by other spirits. But we, as a House, will be guided by only one spirit, namely, the Spirit of the people of Kenya. ... view
• 28 Aug 2018 in National Assembly: According to the National Treasury, the solution they want to provide is to work jointly with the private sector and development partners to introduce the National Credit Guarantee Scheme (NCGS). I have nothing against that, but let us first introduce it and when we see it is working, we can remove the capping. Rather than remove it now, subject our people to high interest rates and we do not know whether this solution is going to work. So, it is a good proposal, but let us first put it in place and then we can look at that. view
• 28 Aug 2018 in National Assembly: They also suggest the establishment of the Kenya Development Bank by merging the Industrial and Commercial Development Corporation (ICDC), the Industrial Development Bank (IDB) and the Tourist Finance. Those are good proposals, but let them first execute them. The other proposal is that the Cabinet has approved the formation of Biashara Kenya Fund, which is merging the Uwezo Fund, Youth Fund and the Women Enterprise Fund (WEF) to form a bank. Indeed, those are good proposals, but as it is right now, they are proposals and are not offering any solution. In the same breath, the ICPAK has said that ... view
• 28 Aug 2018 in National Assembly: We had an election in 2017, which affected business. We also had drought. That is part of what ICPAK is saying. On banking profitability, they say, in previous years’ analyses, show exponential growth in the banking sector. Kenyans top ten banks registered a 10.8 per cent growth in net earnings of Kshs93.8 billion. So, the banks cannot claim that they are not making any profit. I have talked about credit to the private sector. There has been a lot of survey showing that we cannot blame the capping to the low economic activities. I am proposing several amendments to this. ... view
• 28 Aug 2018 in National Assembly: The first amendment that I am proposing is to ask the banks whenever a customer is opening a new account; he should indicate who the next of kin is. This is because very many people are losing their money when they die. The banks do not bother to look for the next of kin and they remain with the money for exceedingly a long period of time. view
• 28 Aug 2018 in National Assembly: The second amendment is on lending to our SMEs. The banks have decided to strangle our young business people. What we are asking is that every bank should lend at least ten per cent of its loan portfolio to SMEs and small business persons. I do not think that is too much to ask. We are not telling them to lend to Otieno or Kamau. There are many SMEs who qualify for loans and you must give them, at least, ten per cent of your loan portfolio. The other amendment apart from the issue of next of kin and ten ... view
• 28 Aug 2018 in National Assembly: Apart from banks, the International Monetary Fund (IMF) has been putting a lot of pressure on our Government to remove these caps. They do this because most of foreign banks in this country are domiciled in Europe and elsewhere. We know that the interest of the IMF is not the people of Kenya, but the people they represent. So, we have a responsibility to protect our people also from the IMF. I would like somebody to show me a country that developed out of borrowing money from the IMF. We must encourage our Government to also think of different alternatives. ... view
• 28 Aug 2018 in National Assembly: in Zambia because they did not want the Government’s involvement in mining. They messed many other economies. We have a responsibility to protect our Government from the IMF. Thank you, Hon. Temporary Deputy Speaker. I really appreciate the extra minutes that you have given me. view