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{
    "id": 1566450,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1566450/?format=api",
    "text_counter": 203,
    "type": "speech",
    "speaker_name": "Sen. Cheruiyot",
    "speaker_title": "The Senate Majority Leader",
    "speaker": null,
    "content": "when you tell people to put their money into a cooperative, they think twice about it. I want to tell the citizens of the Republic of Kenya that the Senate and Parliament in general is concerned and has agreed that cannot continue to obtain as the situation of the day. We must do something about it. The fact that we missed a step at some point does not mean that we give up on the cooperative movement in the country. This is a space that has a lot of potential to take this country to the next level of success. Therefore, as leaders, we must ensure that we do that which is right in streamlining operations in our cooperatives sector to ensure that our farmers, boda boda riders, mama mboga and all the people who organise themselves into MSMEs have the requisite law to guide their operations. I am just laying the basis of why this Bill is important before I go into the highlights of the nitty-gritties. We must ensure that we tighten the governance structures of our cooperatives, so as to be sure that when a particular individual forms a cooperative society, they do not end up misusing funds of that institution to the detriment of all other members. If you see the cooperatives that have succeeded and have served longer, it is because of the governance structure. It is because those cooperatives have leaders who ensure that members’ savings are used prudently. When members want to access their savings, they are able to do so. There are many such cooperatives. Think about the one for teachers, for example. In my own county, the largest financial institution is a cooperative union that was previously started by our teachers. It used to be known as Kipsigis Teachers Sacco, but has since transitioned to Imarisha Cooperative Savings and Credit Society Limited open for all members of the society, including yours truly here. My mother used to be a member. I also joined as a member and so many other people. That is a great financial institution. We also have many others. It is for such institutions that we seek to pass this legislation to ensure that our cooperative sector thrives and this country can roar back to life. Now into the nitty-gritties of this particular Bill. This Bill has 25 parts. It is quite a lengthy Bill and it took time. This is the most comprehensive legislation on cooperatives since the coming into force of the Constitution of Kenya 2010. That is why this Bill is extremely important. We tried to pass a Bill on cooperatives in the Eleventh Parliament and the previous term as well, but we did not succeed. I am happy because this Bill began in the National Assembly and it was passed there. I know that we will debate and pass it, so that it is signed into law. I have listened even to the regulators of these societies; that is the Sacco Societies Regulatory Authority (SASRA) and the rest. They have impressed on me the need to make sure that this legislation is passed quickly so as to ensure that we have a working sector. Therefore, this is the work of a consultative exercise that took quite a number of years. Mr. Deputy Speaker, Sir, I do not know if you know, for example, the County Director of Cooperatives of Meru County. I do not know if Sen. Boni knows the one for Kakamega or whether Sen. Mungatana knows the one for Tana River, yet these are"
}