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{
    "id": 850171,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/850171/?format=api",
    "text_counter": 476,
    "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": "Societies Regulatory Authority’s (SASRA) jurisdiction, mandate and whether it extends to such entities like matatu or PSV SACCOs. It will be clear that whenever those SACCOs which are not deposit-taking have issues, it is not the Authority that is supposed to deal with them but other entities. Indeed, it is this competitive business edge that NDTs and other forms of cooperative societies clamour for and ride on when they use the name “SACCO” or “SACCO society\" which is born by general public perception that the entire SACCO society segment is prudentially regulated. With this amendment, we will not have the issues of an institution coming up with a small SACCO then open a Front Office Savings Activity (FOSA), take deposits for about two months then when you go for your deposits after a month, it is not there. Members here can attest that literally in all our villages or in most of the shopping centres in our rural areas, there is a form of a FOSA. They do not operate in perpetuity, they operate for some time, close, open another SACCO and they move that way. So, this one is supposed to cure that."
}