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{
    "id": 723022,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/723022/?format=api",
    "text_counter": 124,
    "type": "speech",
    "speaker_name": "Hon. Wakhungu",
    "speaker_title": "",
    "speaker": {
        "id": 1889,
        "legal_name": "Chrisantus Wamalwa Wakhungu",
        "slug": "chrisantus-wamalwa-wakhungu"
    },
    "content": "going under and yet, the Central Bank of Kenya is there. As we move, on we want SASRA, which will be in charge of those SACCOs, to strengthen itself and expand accordingly so that the SACCO movement can grow. Sometimes back, I was reading an article on the SACCO business which stated that it was in the excess of Kshs400 billion. So, you can see it is a very big market which needs some regulations. We cannot just leave it to the Cabinet Secretary (CS). It is important for an authority to be there to look into the issues and challenges which are affecting that particular industry. It is true that once this Bill goes through, it will provide some consistency with the Banking, Micro-Finance and Insurance Acts. I support this Bill because there will be consistency. Lastly, I want to briefly mention the issue of professional training. The SACCO industry started a long time ago. Many people were illiterate and did not know about it. But now, with the emerging challenges, we see a lot of new trends and changes coming up. It is important to give a provision for the continuous training, just like it happens in many professional bodies like the Law Society of Kenya (LSK), the accountants and doctors. It is a requirement that every year, one needs to have attained some specific professional points or gone through training to understand the current affairs in that particular industry. In this Bill, those who will be working in this industry, especially directors must undergo continuous training. Maybe SASRA will develop a course which will be designed to capacity-build the people in this industry. This is because we have emerging issues coming up which people who have studied another course might not be able to handle. We thank God because, at the moment, new courses have come up. For example, we have a course by the name of Co-operative Development which is offered by Jomo Kenyatta University of Agriculture and Technology (JKUAT) and University of Nairobi (UoN) under Bachelor of Commerce (BCOM). Other universities wherever they are, should redesign their curriculum and come up with relevant courses for the SACCO movement. That is because SACCOs play a very critical role as far as the economy is concerned."
}