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{
    "id": 1030536,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1030536/?format=api",
    "text_counter": 230,
    "type": "speech",
    "speaker_name": "Sen. Were",
    "speaker_title": "",
    "speaker": {
        "id": 13183,
        "legal_name": "Petronila Were Lokorio",
        "slug": "petronila-were-lokorio"
    },
    "content": "Most teachers whose money is put into Spire Bank every week, are not aware of what is going on. This House needs to protect teachers by ensuring that their savings are safe. We should put the CBK to task to explain what regulatory measures or interventions they are putting in place to ensure that this bank that is purely a teachers’ bank is living up to standard and that the deposits teachers are putting in this bank through Mwalimu SACCO do not get lost. Madam Deputy Speaker, very soon, we shall see teachers going to the streets or camping at offices of Mwalimu SACCO or the Teachers Service Commission (TSC), to look at how they thought they were depositing their monies into the SACCO and yet those monies are not going to the SACCO. If the money did, it has been mismanaged by Spire Bank. As Sen. Kang’ata has said, Spire Bank initially was Equatorial Bank. As we all know, the banking industry for a long time has had challenges. We have several of those banks like Equatorial Bank that collapsed. We are afraid that Spire Bank will collapse with the savings of poor teachers who earn very little. They have been crying out for more money to be paid to them, whereas, the little they save for their retirement is being mismanaged by Spire Bank. Madam Deputy Speaker, I support this Statement and call upon the Committee to do a thorough job to ensure that people responsible for this mismanagement are put to task. Thank you."
}