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{
    "id": 723070,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/723070/?format=api",
    "text_counter": 172,
    "type": "speech",
    "speaker_name": "Hon. Kipyegon",
    "speaker_title": "",
    "speaker": {
        "id": 1453,
        "legal_name": "Johana Ngeno Kipyegon",
        "slug": "johana-ngeno-kipyegon"
    },
    "content": "I support Clause 2(b) which seeks to change the by-laws which regulate the changing of by-laws by SACCOs, so that any SACCO that would want to have by-laws on how to deposit, borrow or even the borrowing rate, will be regulated by the Authority, so that they do not just do it on their own. For a long time, SACCOs have been doing their own stuff without considering the regulations of the entire sector. The other issue is the registration to be under the deposit taking SACCO (DTS) without the approval of the Authority. It is important that every institution that wants to involve itself on deposit taking must seek or get licence from the Authority, so that whatever activity they will be doing will be monitored by the Authority. I support this part because shylocks and pyramid schemes have been using this opportunity to make people deposit their money with allegations or claims that if you deposit Kshs100,000, you will get about a million. It is an easy way of getting money. Some depositors have almost sold all their belongings to repay the money. Although they might give you10 times your deposit, you pay more than 20 times what you borrowed. Some people have hanged themselves because of pyramid schemes. It is good to have SACCOs regulated, so that we can have rules to guide how SACCOs engage with depositors as well as borrowers."
}