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{
    "id": 723034,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/723034/?format=api",
    "text_counter": 136,
    "type": "speech",
    "speaker_name": "Hon. Maanzo",
    "speaker_title": "",
    "speaker": {
        "id": 2197,
        "legal_name": "Daniel Kitonga Maanzo",
        "slug": "daniel-kitonga-maanzo"
    },
    "content": "over-legislation. It is creating confusion and we need to work it out and look at the rest of the world. As I conclude, now that the interest rates have been capped and SACCOs have helped many Kenyans - they have the biggest deposits or savings in the country. It really helps the economy to work well. Most SACCOs work with the Co-operative Bank where they have shares. In fact, SACCOs, because of their mode of business, have made the Co-operative Bank very attractive. Most of us here bank with the Co-operative Bank, which is near us. It is built by co- operatives. That is a good example of how co-operatives can succeed in the financial world. The Commissioner of Co-operatives is a board member in the Co-operative Bank, SASRA and also KUSCCO. With all those bodies checking on each other, unless somebody is really engaging in wrong practices or there is a pyramid scheme, if it is registered, then the Commissioner of Co- operatives will be liable. It is not easy for anyone to misuse the funds of SACCO societies. There are enough checks and balances. Therefore, every Kenyan who is a member should also be on the lookout so that monies belonging to wananchi or members of a SACCO are not misused in any way. There are enough mechanisms. I believe that this law is good except for Clause 27(a) and (b). I support the rest of the law."
}