Nairobi — Nyeri Senator Wahome Wamatangi has sponsored a motion in the Senate to stop lending institutions from repossessing movable assets taken by unemployed Kenyans.
The legislators argue that most of them had taken loans from saccos and microfinance institutions to start their small businesses.
“NOTING THAT the youth in particular have invested in movable assets, including vehicles and motorcycles, to start business in the transport industry and most of them have signed up to the ride hailing apps including but not limited to Uber, Taxif, Bolt and Little Cab;” the Motion reads in part.
And since CAP 488 of the Banking Act 2015 does not allow for renegotiation of loans in tough economic times, he urges the National Treasury to amend the act.
“NOW THEREFORE the Senate urges the National Treasury and Economic Planning to come up with a policy framework to review the Bank Act in order to renegotiate the repayment terms of the loans and provide cushion for Kenyans with non-performing loans and prevent the loss of their movable assets.”
