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    "id": 77577,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/77577/?format=api",
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    "content": "for the commitment they undertook so that we could have this Report. I will not forget members of staff and witnesses who gave their knowledge to the Committee during the investigation. Mr. Temporary Deputy Speaker, Sir, as the mover of this Motion has said, Harambee SACCO Society Limited is the largest in Kenya and Africa. It was, therefore, our greatest concern when allegations of mismanagement were raised. We had to move with speed and try to unearth the truth. In the course of the inquiry, the Committee noted that the Harambee SACCO Society Limited had continued to improve and diversify its products and services to its members. I want to give some few services which have brought improvement to the membership of Harambee SACCO Society Limited. (i) Development loans are usually granted at three times the member’s savings and are nowadays processed within a week. (ii) Emergency loans are processed within 30minutes of application subject to a maximum of Kshs50,000. (iii) School fees are processed and the maximum depends on the member’s ability to repay in 12 months and are usually processed in 30 minutes. (iv) Top up loans to re-finance the development loans once a member has paid 50 per cent of the existing loans are also granted. (v) There also exists a facility known as Jisaidie Loan which is a new product granted at four times the member’s shares payable in 60 months. (vi) We also have Mkombozi Loan which is given at 1.2 per cent interest per annum to cushion out members from loans taken from other banks to save them from embarrassment. Mr. Temporary Deputy Speaker, Sir, these improvements in the delivery of services, are worth mentioning, considering that before 2001, members could not even access loans in good time. Processing of loans could take even up to one year. That is according to evidence that the Committee acquired. Evidence was also presented to show that the Society has improved its financial performance by 300 per cent in the last ten years as reflected in the graphical illustration in the Report. Mr. Temporary Deputy Speaker, Sir, currently the SACCO boasts of a net worth of Kshs3.5 billion as at 2009 and an asset base of Kshs13.5 billion. The SACCO has also paid regular dividend which amounted to Kshs560 million in 2009 at a rate of 6 per cent compared to nil dividends in 2001 and 2002. The CMC Management predicts that this could rise to between 6 to 8 per cent in 2010. As a result of the improved performance of the Harambee SACCO Society, the SACCO was awarded a trophy for the best improved SACCO by the Ushirika Council during the Annual International Cooperative Day celebrated in July this year. Mr. Temporary Deputy Speaker, Sir, the Committee observed that this and the persistent allegations of mismanagement appear to interrupt the SACCO operations as they are being raised every now and then. In this regard, the Committee is of the view that these allegations should come to an end and reports of the various inquiries be expeditiously implemented."
}