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{
    "id": 850212,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/850212/?format=api",
    "text_counter": 517,
    "type": "speech",
    "speaker_name": "Nambale, ANC",
    "speaker_title": "Hon. Sakwa Bunyasi",
    "speaker": {
        "id": 2511,
        "legal_name": "John Sakwa Bunyasi",
        "slug": "john-sakwa-bunyasi"
    },
    "content": "enough to be reported when your performance is not good? We have to go back and link the strengthening of these institutions with the requirement for accountability in respect of financial transactions. If we do that, we shall instil a sense of responsibility from a very young age. I have young people in my constituency who are venturing into business and the typical ones do not set up a kiosk. Someone buys a boda boda . I have known somebody who has moved from one to three motorcycles. That is phenomenal growth. He is supporting his own family and educating his children. One way he has been financing that is through borrowing from merry-go- round groups. This is an arrangement of getting together and drawing on the resources of other people under an arrangement of trust and using it to invest and paying it back with interest. That is the way societies grow. We are on the right track. The Departmental Committee on Trade, Industry and Cooperatives was looking at this not from the financial perspective but because it is a cooperative of sorts. We must quickly begin to realise that at this level of intermediation, we are deepening financial intermediation and that, therefore, is linked to the financial sector. There must be active collaboration between this aspect of cooperatives and what the financial sector is doing. We must not be fascinated by big names and big banks. Only a tiny proportion of our citizens operate there. The majority of our citizens operate in this lower level – the unspoken level which I think is really critical. If we strengthen these institutions and create confidence around them, every village in this Republic will have a financial institution and if they do, maybe what will happen when drought hits our northern areas, they will quickly sell their animals and then they can put their money in an institution that is close by and they know who is running it. In the USA, that is what drove where you put your money. You knew who was behind it and not some unknown thing in New York and so on. It was usually in the neighbouring village. You know so and so who is a trusted person is running that association and if he is not, of course you get to run out of the institution. We must continue to build that trust in our people and institutions that our people want so much to embrace. As we build along these lines, we also have to require other institutions that are not included in SASRA but are critical to strengthen themselves. Try to find records at the Registrar of Companies and Societies. They do not exist. So, you cannot even verify who it is that you are dealing with. Those kinds of collateral institutions also need to be strengthened. I want to end on the note that this is the kind of thing that we must do. We must speak to it and encourage it. It is the way to go. It is the way that will save our people. Thank you, Hon. Temporary Deputy Speaker."
}