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{
    "id": 850169,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/850169/?format=api",
    "text_counter": 474,
    "type": "speech",
    "speaker_name": "Kieni, JP",
    "speaker_title": "Hon. Kanini Kega",
    "speaker": {
        "id": 1813,
        "legal_name": "James Mathenge Kanini Kega",
        "slug": "james-mathenge-kanini-kega"
    },
    "content": "We have had a number of amendments coming through the SACCOs. There was a time we said that we should consolidate all of them and have one comprehensive amendment Bill coming to the Floor, owing to the fact that we have a new Constitution which we need to align our Acts to. This Bill has four lines it intends to cure. The first one is deposit-taking. When the word “SACCO” is mentioned what comes to mind of many Kenyans especially now with the emergency of matatu SACCOs is a business that is not regulated and or a sector that does not follow the law. It is unfortunate that the word “SACCO” was not made a patent. If it were a patent from the word go, we would not be talking about deposit-taking. But since the name “SACCO” has been taken by other institutions such as matatu SACCO or family get together, to differentiate deposit-taking SACCOs I have to make it very clear that not all SACCOs are targeted. The targeted ones are the deposit-taking SACCOs, the ones with Front Office Service Activities (FOSA). They are not being transformed into banks or even microfinance organisations. Since they offer quasi-banking facilities or functions, there has to be quite a number of parameters that they have to follow."
}