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{
    "id": 723079,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/723079/?format=api",
    "text_counter": 181,
    "type": "speech",
    "speaker_name": "Hon. F. K. Wanyonyi",
    "speaker_title": "",
    "speaker": {
        "id": 2065,
        "legal_name": "Ferdinard Kevin Wanyonyi",
        "slug": "ferdinard-kevin-wanyonyi"
    },
    "content": "statement, he is just told “this is what the bank has said, please, sign here” or he or she puts a thumb print to say that he has agreed, that means he is in agreement with whatever transaction has taken place. The Bill will cure that bit. The other thing is that members of any SACCO need to update themselves on what is happening. It is very clear here that we will have a minimum standard at which people should be exposed. There will be regular residential trainings, benchmarking and capacity building where people will be sensitised on what is required in the modern society and not like it was 40 years ago. This is going to provide for minimum training and exposure for members, particularly the SACCO officers and directors. There will also be a difference between a deposit taking SACCO and a normal SACCO. From what the Bill says, once this is enacted, anybody who runs a SACCO must register within 12 months from the time he pronounces himself as a SACCO society. The other thing that I agree with, as mentioned by colleagues before, is the sharing of information about the people who want to deposit in a SACCO. Of course, we have cases where people cheat their way. If their credit standing in the SACCO society is not very good, one may go and take Kshs.20 million and then disappear to the wilderness. This Bill is going to make sure that, like any other financial institution, we will countercheck the credibility and integrity of particular borrowers. I support the Bill because I am one of those who have benefitted from SACCOs. I bought my piece of land where I am today through borrowing from a SACCO and I repaid whatever I had borrowed. The Bill gives us a way of regulating the sector, which is a financial sector, to be consistent with the banking sector. With those few remarks, I support."
}