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{
    "id": 722984,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/722984/?format=api",
    "text_counter": 86,
    "type": "speech",
    "speaker_name": "Hon. Katoo",
    "speaker_title": "",
    "speaker": {
        "id": 199,
        "legal_name": "Judah Katoo Ole-Metito",
        "slug": "judah-ole-metito"
    },
    "content": "Hon. Speaker, I beg to move that the SACCO Societies (Amendment) Bill (National Assembly Bill No. 26 of 2016) be now read a Second Time. I would like to bring to the attention of the House that this Bill was submitted by the Cabinet Secretary for National Treasury in line with the proposals announced in the current Budget of 2016/2017. Therefore, it is prudent that this House concludes this Bill before the end of the current financial year because it addresses some of the proposed reforms in the financial sector. Although the SACCO Societies Act of 2008 provides the regulation of SACCO societies, it lacks some provisions. The biggest problem in the SACCO industry is, among others, credibility of people running the SACCOs and the issue of registration of SACCOs, especially those undertaking deposit-taking business. The proposed amendment Bill tries to cure those shortcomings of the current Act. The current Act also lacks, as I have said, issues relating to the determination of the suitability of persons who serve as directors and other officers of SACCO Societies as well as credit information sharing. Nowadays, we have the Credit Reference Bureau (CRB). It is a requirement that when you apply for jobs or high positions in this country, you are required to get clearance from CRB. This is about financial information from all credit lending institutions. Therefore, there is need for those institutions to share information, including the information of SACCO societies. Therefore, the SACCO Societies (Amendment) Bill 2016 seeks to address those inadequacies in the Act. In summary, the SACCO Societies (Amendment) Bill 2016 which was read for the first time in the House on 19th July 2016, proposes to amend the SACCO Societies Act (No. 14 of 2008), which in the Bill is referred to as the Act. As I have said, it is meant to provide registration and licensing of SACCO societies, especially those with savings and credit services. Two, it is expected to expand the credit information sharing mechanism to include the exchange of information by SACCO societies with other licensed financial institutions."
}