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"type": "speech",
"speaker_name": "Hon. Ichung’wah",
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"id": 1835,
"legal_name": "Anthony Kimani Ichung'Wah",
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"content": "Last year but one, I interacted with, at least, a minimum of 50 to 60 members of the public in my constituency and a number of other Kenyans in Nairobi County who had fallen to the gimmicks of some Mukurino who was operating from somewhere around Meridian Hotel. He was running what was perceived to be a SACCO. He, indeed, collected many deposits from Kenyans making them believe that it was a SACCO that could take deposits and could even lend nine times what one had deposited in that ‘SACCO’. It did not operate for more than two years because it was not SACCO! Hon. Maanzo, you know that. He is now a multi-billionaire and none of the people who had deposited their money in that Mukurino SACCO were compensated. I cannot remember the name of that SACCO. We must protect Kenyans by making it clear that there will be a distinction of what a SACCO is – which is where co-operators put together their savings in order to access affordable credit – and a deposit-taking SACCO, which is where people put in their deposits and have that money fall under a regulator, just like in the banking sector. 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."
}