{"id":850169,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/850169/?format=json","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."}