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{
    "id": 1091620,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1091620/?format=api",
    "text_counter": 27,
    "type": "speech",
    "speaker_name": "Sen. Murkomen",
    "speaker_title": "",
    "speaker": {
        "id": 440,
        "legal_name": "Onesimus Kipchumba Murkomen",
        "slug": "kipchumba-murkomen"
    },
    "content": "Thank you, Madam Temporary Speaker. As a former member of Moi University and great supporter of the SACCO, I feel very sad that SASRA whose responsibility is not just to regulate for the sake it, but has become a stumbling block in building and protecting the SACCOs. If you hear us talking about bottom up approach of economic development, we are saying that we must move from the trickle down approach or model where countries, including ours, have been giving concessions to multinationals, tax breaks and protecting bigger banks. The biggest banks in this country and in the region and the world have been protected. Madam Temporary Speaker, in the 2007/2008 when there was financial crisis in the world, banks were given protection by countries, including bailouts. When it comes to smaller entities and financial institutions like the SACCOs whose responsibility is to build the economy from bottom up to assist those who are down there, SASRA has failed to protect them. I know the work of MUSCO, what it does and how it has assisted its members to build one of the biggest buildings in Eldoret Town. They have bought land and have shares in various institutions. They have a loan with the Cooperative Bank of Kenya, but the report says Cooperative Bank of Kenya is willing to sit down with them and talk about restructuring the loan and find a mechanism of repaying that loan in a manner that will keep it sustained and operating. Madam Temporary Speaker, this trickle down mentality that is in SASRA is the one making them to think that the smaller entity should be killed or treated the way we are treating hawkers, boda boda riders and all other sectors of the economy where the smaller man is less protected than the big man. If that was one of the biggest banks in this country, I do not want to mention names, the regulator would be running around to assist and find ways of building that institution. I think this Committee’s report should not just be implemented, but we must take it very seriously. The Committee of the Whole should summon the management of SASRA to come here and tell us what their interest is in bringing down one of the biggest university SACCOs in this Republic."
}