Could the Cabinet Secretary – (i) explain why card schemes in particular Visa are chargin…

Question

The Member for Wajir East (Hon. Aden Daud, MP) to ask the Cabinet Secretary for National Treasury and Economic Planning: - Could the Cabinet Secretary – (i) explain why card schemes in particular Visa are charging merchant fees and penalties that are not publicly in the course of their business operations? (ii) provide evidence of regulatory approvals on the undisclosed Visa and other card merchants calculations of their charges and penalties on card holders that earn millions of US Dollars to card issuance companies and whether the same is declared to the Kenya Revenue Authority as a revenue earner to our economy? (iii) clarify whether these charges are regulated by the CBK in line with prudential guidelines for institutions licensed under the Banking Act and whether these cards are in breach of any relevant provisions of the guidelines.