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{
    "id": 723032,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/723032/?format=api",
    "text_counter": 134,
    "type": "speech",
    "speaker_name": "Hon. Maanzo",
    "speaker_title": "",
    "speaker": {
        "id": 2197,
        "legal_name": "Daniel Kitonga Maanzo",
        "slug": "daniel-kitonga-maanzo"
    },
    "content": "Thank you, Hon. Speaker. I rise to support this Bill but, I would like to say that Clause 27(a) and (b) have issues. The rest of the Bill is okay. It is very good for the SACCOs in the country. We need to share credit. The SACCOs are now huge businesses. In fact, some SACCOs like Harambee SACCO are bigger than many banks in Kenya. Therefore, they need prudence in financial management. However, when we were consulting with stakeholders and the public, the SACCO movement had a big issue with Clause 27(a) and (b). They communicated to the Committee and expressed their reservations which appear in the Report which we presented in this House. In fact, the reason is that when you say deposit-taking SACCO, you bring in confusion because all SACCOs are registered under the Co-operative Societies Act. We have 5,000 SACCOs in the country. They are regulated very well under the Office of the Commissioner of Co-operatives. Each district and every county in Kenya has a Directorate of Co-operatives. We used to have District Cooperatives Officers who would assist in the promotion of SACCOs. In their own memorandum of registration, everything is clearly stipulated. There is a very good law which regulates everything, so that we do not have to refer to them as deposit-taking SACCOs because all SACCOs take deposits. It just amounts to over-legislation. Deposit-taking is a function of the SACCO, including our own SACCO. If we pass Clause 27(a) and (b), it means we will change The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}