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{
    "id": 863357,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/863357/?format=api",
    "text_counter": 235,
    "type": "speech",
    "speaker_name": "Makueni, WDM-K",
    "speaker_title": "Hon. Daniel Maanzo",
    "speaker": {
        "id": 2197,
        "legal_name": "Daniel Kitonga Maanzo",
        "slug": "daniel-kitonga-maanzo"
    },
    "content": "I also want to state that the cooperative movement, especially the SACCOs are worldwide. We have an umbrella body in Kenya called the Kenya Union of Savings and Credit Cooperatives (KUSCCO) and the regulatory authority is SASRA. The regulatory authority is aligned to others in the world like the one in Kingston, Jamaica, which has a similar system because it is a former British colony. The USA has a slightly different method. Some of the credit unions in the USA are bigger than banks. Harambee SACCO in Kenya is bigger than most of the banks in the country. All these SACCOs are the main shareholders of the Cooperative Bank which is a very stable bank in the country because of the base it is given by the movement. Earlier on when the cooperative movement was weak, the Cooperative Bank almost collapsed. However, the cooperative movement is strong and stable now, including all the cooperative insurance companies. The movement works with a lot of stakeholders and cooperatives cooperate with others and they do business together. We do not do business in isolation in Kenya. The SACCO movement in Kenya is the most successful one in Africa. The current Chairperson of the African Cooperative Movement comes from Kenya. He is the Vice Chair of the International Cooperative Alliance in the world. So, Kenya is at the top in the cooperative movement. Other countries in Africa are learning from us. It is only fair that they learn good practices from us. They are using our laws to make their laws. 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."
}