Could the Cabinet Secretary – (i) state when the Ministry will define and publish rates o…

Question

The Member for Manyatta (Hon. Gitonga Mukunji, MP) to ask the Cabinet Secretary for Investments, Trade and Industry: - Could the Cabinet Secretary – (i) state when the Ministry will define and publish rates of interest charged for hire purchase payments, given that Kenyans are currently being charged outrageous rates by financial institutions to acquire motor vehicles and motorcycles? (ii) specify the precise steps the Ministry is taking to enforce regulation of these lending institutions in order to ensure that the institutions’ owners are held accountable for execution of penalties and forfeitures on their clientele? (iii) provide a detailed status report on undertakings by companies that deal with financing of motorcycles and vehicles through hire purchase agreements?