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{
    "id": 723020,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/723020/?format=api",
    "text_counter": 122,
    "type": "speech",
    "speaker_name": "Hon. Wakhungu",
    "speaker_title": "",
    "speaker": {
        "id": 1889,
        "legal_name": "Chrisantus Wamalwa Wakhungu",
        "slug": "chrisantus-wamalwa-wakhungu"
    },
    "content": "Thank you, Hon. Speaker for giving me this opportunity. At the outset, I stand to support this Bill. Indeed, this is a very important Bill. Hon. Duale has, while seconding, explained the gist of this Bill. It is important for the Members who have not had a chance to read it. He has said it all. This is a very important Bill. Some people are where they are today because of the SACCOs. When I got my first job with SmithKline Beecham after I left university, I joined a SACCO. I bought land through a SACCO loan. The advice we used to be given when we were still young boys was that we should save regularly, borrow wisely and repay promptly. Through the SACCOs, you can go very far as far as investment is concerned. We have seen so many business people and quacks conning people money, particularly through the closets of directors of SACCOs. In the traditional days, people would form a SACCO to buy land. The moment the SACCO bought land, other people, particularly the directors, would con members. Therefore, this Bill will add value in terms of assuring people in the industry that their savings will be protected. Hon. Speaker, credit referencing is very critical. This is a practice that is being used in Europe. Many a time when you want to borrow money, you are told to bring some collateral. You do not need collateral if you can give out some credit information. In fact, just by looking at the way you pay your water and electricity bills to ascertain whether you pay promptly or not, a SACCO or micro-finance institution can assess the risk level associated with your borrowing of money from them. We know that CBRs are licensed by the CBK. We now have two CBRs in Kenya. They play very critical roles. It is not just in the banking industry. Even when it comes to the SACCOs, we can use that information to ascertain the risk level associated with Hon. Gikaria when he seeks to borrow money from a given SACCO. The other speaker said that SACCOS are for poor people. That is not the case although, in most cases, the majority of the people who save with SACCOs are from the lower income levels. In Parliament, we have the Bunge Savings and Credit Co-operative Society (BUCOSO) and Parliamentarians Savings and Credit Co-operative Society (PACOSO) where the rich people save. For instance, I have seen Senator Gideon Moi who is among the rich people saving in PACOSO. Some of us have been saving in PACOSO so as to use that money for campaigns when that time comes. That is because we do not have sponsors or a rich party like Jubilee which will give us money for campaigning. SACCOs play a very critical role. The element of credit sharing will also play a critical role, particularly in ascertaining the risk level of the borrowers."
}