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{
    "id": 723081,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/723081/?format=api",
    "text_counter": 183,
    "type": "speech",
    "speaker_name": "Hon. Korir",
    "speaker_title": "",
    "speaker": {
        "id": 1356,
        "legal_name": "Wesley Kipchumba Korir",
        "slug": "wesley-kipchumba-korir"
    },
    "content": "Thank you, Hon. Speaker, for giving me a chance to contribute to this Bill. From the outset, I support this Bill. The SACCOs have been a go-to institution for most Kenyans. We live in a country where access to financial credit is a burden to many Kenyans. We live in a country where 80 per cent of Kenyans cannot access credit. That is the failure that I think we face as a country. If a young man or a woman in the village cannot go to the bank and get financial credit, then she or he cannot move forward. SACCOs have come in handy to make sure the people can access credit through their savings and do business to support themselves. I have been trying to read this Bill. Maybe we will have to understand more as we move on. Is it making it a requirement that all SACCOs should be registered as deposit taking institutions or is it a category of certain SACCOs that should be registered as deposit taking? That is the question most of us are pondering about. Hon. Maanzo was trying to raise it. Is it all SACCO societies or there will be criteria for certain SACCOs? If there is criteria for certain SACCOs, when can a SACCO be registered? What are the requirements for a SACCO to move from an ordinary SACCO, formed by villagers to save and borrow from it, to a deposit taking institution? When you look at the memorandum, it says that the objective of the Bill is to amend the SACCO Societies Act 2008 to provide for the registration and licensing of SACCO societies as deposit taking SACCOs and credit cooperatives. So, is it all the SACCOs or is it a few SACCOs that will move from little savings and credit cooperative societies into deposit taking SACCOs? When you say that you will register all SACCOs as deposit taking institutions, there is a requirement under the Banking Act where for an institution to move from an ordinary SACCO to a deposit taking bank, it should have a certain minimum financial muscle. 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."
}