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{
    "id": 736744,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/736744/?format=api",
    "text_counter": 79,
    "type": "speech",
    "speaker_name": "Hon. Maanzo",
    "speaker_title": "",
    "speaker": {
        "id": 2197,
        "legal_name": "Daniel Kitonga Maanzo",
        "slug": "daniel-kitonga-maanzo"
    },
    "content": "Thank you, Hon. Speaker for giving me an opportunity to contribute to this important Bill. From the way it has been introduced and the information given, it is clear that in 2014, there was a legal notice which started this Authority. Definitely, there was going to be a board. There has been public participation where different organisations dealing with financial services have been put together including the Insurance Regulatory Authority (IRA) and other authorities which deal with finances or regulations of the financial sector. It is clear from what had happened that the regulatory Authority includes the Central Bank of Kenya (CBK), the Capital Markets Authority (CMA), the Insurance Regulatory Authority, the Retirement Benefits Authority (RBA) and the Sacco Societies Regulatory Authority (SASRA) or their successors thereof. That is the regulatory Authority which will be set up under this law. During the stakeholders’ participation and consultations, it had been clear that SASRA was going to remain and not included in this law because cooperatives have a peculiar manner of operations and are not part of this. They have existing laws just like other authorities which have their own Acts of Parliament which regulate the way they work. It is a little surprising that despite the consultations and agreements that the SACCO societies were not going to be included, they are now part of this new law which will now regulate financial services in the country. I believe at the Third Reading we will make amendments to exclude SACCO societies because they already have a framework, a CEO, a Ministry and a system of operation. The moment you lump them together with other different authorities such as the CMA, it means we are likely to lose the principle of cooperatives and the small savers who build SACCOs for purposes of growing themselves. We want to save the industries integrated by the Sacco Societies Regulatory Authority. This was meant to stand by itself and take care of certain aspects of financial services in the country, which now seems to have been lumped together with other financial service providers, which have totally different ideological and methodological operations. For that matter, the regulation should have been set aside for the SACCOs. 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."
}