Lawmakers urged to strengthen oversight, protect small business in financial sector bills

Stakeholders have urged Members of the Departmental Committee on Finance and National Planning to tighten Parliamentary oversight, safeguard consumers and small businesses and protect data privacy as it reviews proposed reforms to the Competition (Amendment) Bill, 2026, the Microfinance Bill 2026 and the East African Development Bank (Amendment) Bill, 2026.
Through oral submissions made by Price Waterhouse Coopers (pwc), KPMG, Law Society of Kenya, WeCare and Gregory Ndege & Associates, stakeholders warned that the Competition (Amendment) Bill’s proposed expansion of the definition of “person” expounds the scope of entities that may be subject to investigation and enforcement under the Competition Act.
They recommended limiting the laws application to persons engaged in economic or commercial activities that have an actual or potential impact on competition, consumer welfare or market conduct.
Stakeholders also called for barring of Central Bank from publishing information revealing a subject’s financial affairs without consent. They emphasized that cross border data sharing must comply with the Data Protection Act
While the Microfinance Bill 2026 seeks to repeal and replace the Microfinance Act, 2006 in order to provide a safe and sound environment for microfinance banks to meet evolving needs of consumers, stakeholders averred that some of its provisions require further careful review to ensure that the expanded powers of the Central Bank are exercised lawfully and reasonably.
Appearing before the Committee, former ambassador of Kenya to Tanzania who also once served as Kilome MP, Hon. Dr. John Mutinda urged the Committee, among other amendments to review proposed section 2 (6) of the EADB Act to remove the deemed approval default and replace it with a requirement of affirmative resolution of the National Assembly as a condition precedent to any disbursement.
The former lawmaker also called for an amendment of proposed section 2 (3) to require independent audit to all sums disbursed to EADB in addition to the Cabinet Secretary’s reporting.
“This Committee should not hang Kenyans in broad daylight by conferring diplomatic rights to the EADB. Form a select Committee, visit EADB and find out what happens to our money, who enjoys it,” Hon. Dr. Mutinda told the lawmakers .
The sessional Chairperson and Kitui Rural MP. Hon. Mboni David Mwalika however challenged the former Kilome MP to explain to Kenyans what he did with regard to the matter when he served as an Ambassador.
“You were an Ambassador of Kenya to the Republic of Tanzania, what did you do in regards to the EADB and how comes Kenya isn’t doing better?” Hon. Mboni posed.
In response, Hon. (Dr.)John Mutinda revealed that EADB was functioning smoothly from the year 1980 to 2009 until the Bank was granted diplomatic immunity and so cannot no longer report to the National Assembly.
Instead, the former MP urged the Committee to look into the current reporting structure of the Board that the EADB is answerable to.
While thanking the stakeholders for their input on the three Bill, the MPs acknowledged that the stakeholder submissions would assist the Committee in strengthening market regulation, enhancing consumer protection, promoting financial stability, improving public accountability while preserving regulatory certainty and avoiding unintended consequences for businesses, consumers and regulated institutions.