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{
    "id": 863354,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/863354/?format=api",
    "text_counter": 232,
    "type": "speech",
    "speaker_name": "Othaya, JP",
    "speaker_title": "Hon. Gichuki Mugambi",
    "speaker": {
        "id": 13463,
        "legal_name": "James Gichuki Mugambi",
        "slug": "james-gichuki-mugambi-2"
    },
    "content": " Thank you very much, Hon. Temporary Deputy Speaker. I rise to support the Bill. We know that SACCOs control a very big part of the wealth of this country. We need to keep adjusting the laws so that we improve the environment. We will nurture them and support them so that they continue expanding. We know that SACCOs today are the best method of mobilising savings in this country. Going forward, we have to make sure that they are well supported and given an enabling environment so that they help Kenyans. Over 30 per cent of this country’s financial resources are in SACCOs. About 14 million Kenyans are members of SACCOs. The SACCO movement is so strong that we cannot afford to ignore it. We even have to do more. I appeal to the relevant committees to sit down and see how they can modernise the current laws on SACCOs. This is because in some cases, some of them seem to be outdated. We have a very strong Government involvement in SACCOs when we all know that most of the businesses under SACCOs are private. They are private businesses because they are operating under certificates of incorporation. It is only that they operate under a guarantee other than limited liability. Therefore, we have to make laws that are supportive to SACCOs more as private businesses than Government businesses. I say this with knowing that we have some businesses where even the Commissioner of Cooperatives sits in boards as an entitlement when they are private businesses. Therefore, it has become very difficult to regulate and, at the same time, be in the board because that way, they cannot enforce the policies and the regulations. Therefore, this should be speeded up and given priority by the Departmental Committee on Trade, Industry and Cooperatives. If today we nurture SACCOs in this country, we will get a faster route to industrialisation. We will have the ability to create more jobs. Looking at some businesses running under the SACCO movement, like the Cooperative Bank of Kenya, they are very strong entities. They are doing very well and helping the country to develop. Therefore, if we really want to accelerate one of the Big Four Agendas, namely, manufacturing; we must strengthen the cooperative movement. With those remarks, I beg to support."
}