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{
    "id": 1566569,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1566569/?format=api",
    "text_counter": 322,
    "type": "speech",
    "speaker_name": "Sen. Cheruiyot",
    "speaker_title": "The Senate Majority Leader",
    "speaker": null,
    "content": "The beauty of the SACCOs is that they provide financial support directly to the people we represent in this House. Very few of those who vote for me rely on commercial banks for loans; perhaps hardly 10 per cent. However, more than 90 per cent are members of a SACCO, where they save and access credit. Therefore, as representatives of the people, it is in our best interest to ensure that SACCOs are properly regulated and guided to expand their services and impact. Since we are at the Second Reading stage and we have agreed--- I have listened to the comments made by Sen. Omogeni. He has proposed certain amendments to this Bill. I am sure that after Sen. Ledama has read the Bill thoroughly, he will compile additional recommendations. I also heard Sen. Cherarkey’s remarks regarding the regulations needed to strengthen the SACCO movement in this country. This kind of investment and innovative thinking is precisely what built the so-called Asian Tigers. They ensured that they moved beyond the call of duty. Mr. Temporary Speaker, earlier, I expressed my disappointment with the former Chair of the Committee on Finance and Budget in the National Assembly over statements made about the National Social Security Fund (NSSF). He claimed that the NSSF's role is to seek what he theoretically referred to as 'optimal investments', without properly defining what those optimal investments are. For the past six years, NSSF has largely been occupied with paving roads with cabro blocks and constructing estates in this country. Meanwhile, if you look at the Nairobi Securities Exchange (NSE), it thrives on pension funds from across the world. Investors are actively seeking opportunities here, including the largest shareholders in Safaricom and East African Breweries Limited (EABL), among other companies. When our pension fund explores creative investments, we, as leaders, must not spread fear. Some claim people's money is at risk simply because NSSF wants to partner with other investors. Take the Mau Summit-Rironi Road, for example. This is a viable investment opportunity. I had also pointed out the Nairobi Expressway. Is the Member not aware that the company that runs the Expressway borrowed from savings of people in their home country to come and invest in such a project and recoup the money over the years? Have they heard if the entity has collapsed? In fact, there is more business than they can afford. That is why there is traffic nowadays even on the Expressway, especially during rush hours because many people are using it. That tells you that there is an opportunity."
}