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{
    "id": 850229,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/850229/?format=api",
    "text_counter": 534,
    "type": "speech",
    "speaker_name": "Funyula, ODM",
    "speaker_title": "Hon. (Dr.) Wilberforce Oundo",
    "speaker": {
        "id": 13331,
        "legal_name": "Wilberforce Ojiambo Oundo",
        "slug": "wilberforce-ojiambo-oundo-2"
    },
    "content": "Therefore, we need to strengthen it. We have some SACCOs in this country that have a bigger capital base than some banks yet banks are heavily regulated by the Banking Act and other relevant Acts. Since all these deal with money and members’ deposits or people’s investments, they surely must be subjected to almost the same stringent regulations by accepting and recognising that the cooperative movement is about relaxing rules to ensure people access their funds at any time to enable them attend to emergencies that might arise. On the question of credit referencing, we need to encourage SASRA and cooperative societies to stem out fraud, unethical behaviour, criminal behaviour where people borrow from one place then default, go to another place and borrow and default again. We need to rein in serial defaulters. But, of course, we have had issues with credit reference bureaus in this country where you are listed for no apparent reason and when you apply to be delisted, it takes a lot more time. We hope the framework SACCOs will put in place or SASRA will develop will be such that they rely on first hand or updated information so that they do not discourage people or blacklist people and make it difficult for them to access facilities. An organisation can only deliver depending on the people who run it. If it is run by rotten or bad people, however strong it is, it will collapse. Corporate governance, ethics in management of public and private resources must be central in the management of our economy. I support the proposal to subject the directors, significant members and senior officers to management tests. We should go a little deeper. Probably, we need to subject them to further tests and continuous training in the tenets of corporate governance. Managers must know that they are in positions of trust and hold members’ money as a trustee. As a trustee, they are obliged to protect the funds but not misuse or loot them. Therefore, we will make efforts to tighten up that particular section to make sure that the members who are charged with making critical decisions are subjected to The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}