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{
    "id": 1152378,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1152378/?format=api",
    "text_counter": 125,
    "type": "speech",
    "speaker_name": "Sen. Poghisio",
    "speaker_title": "The Senate Majority Leader",
    "speaker": {
        "id": 202,
        "legal_name": "Samuel Losuron Poghisio",
        "slug": "samuel-poghisio"
    },
    "content": " Mr. Speaker Sir, I beg to move – THAT the SACCO Societies (Amendment) Bill (National Assembly Bills No. 55 of 2021) be now read a second time. The Bill was published on 26th November, 2021, passed by the National Assembly and referred to the Senate on the 17th of February 2022. The principal object of the Bill is to amend the SACCO Society Act No. 14 of 2008 by providing the usage of Information Communication Technology (ICT) in collecting and receiving statutory reports. This is aimed at reducing the regulatory reporting burden on the Savings and Credit Co-operative Societies (SACCOs) and ensuring a faster, efficient and accurate reporting monitoring and analysis of SACCOs financial status at any time. This will be the corner stone of risk-based supervision. The Bill also seeks to realign the definition and roles of the Minister to the Cabinet Secretary and also the responsibility and the Office of the Controller of Budget as reflected in the Act to be line with the Constitution. Mr. Speaker Sir, as Honorable Senators are aware, SACCO societies are quite useful as they provide access to sustainable financial services. They also provide low- income families with safe place to save their income at their area or village at reasonably priced loans. The success and competitiveness of every SACCO society is determined by its responsiveness to its evolving environment. Innovativeness is regarded as one of the significant drivers to SACCO economic growth and success with ability to innovate being considered one of the main competitive advantages for the firms. For this reason, there is need for SACCOs to grasp and master the concepts of innovativeness and innovation in their environment. SACCOs need to value the impact of ICT and use on innovation capability of their firms. The use of ICT will significantly increase the capability of the SACCO to be innovative and achieve higher operational and financial performance. This underscores the importance of this Bill."
}