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{
    "id": 863377,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/863377/?format=api",
    "text_counter": 255,
    "type": "speech",
    "speaker_name": "Molo, JP",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": {
        "id": 13435,
        "legal_name": "Francis Kuria Kimani",
        "slug": "francis-kuria-kimani"
    },
    "content": " Thank you very much, Hon. Temporary Deputy Speaker. I rise to support the Sacco Societies (Amendment) Bill of 2018. Savings and Credit Cooperative Societies have been recognised as great mobilisers of resources across the world. In Africa, 7 per cent of the African population is affiliated to SACCOs. Closer home, 69 per cent of Kenyans draw their income either directly or indirectly from the SACCOs industry. In our economy, up to 25.6 per cent of our Gross Domestic Product is contributed by SACCOs. But the interesting factor is that SASRA was not established until 2009 yet cooperatives had been with us since Independence. Most of our grandfathers used them to buy land across the country but the sector was not regulated. This Bill cannot be timelier than being in the House today. A lot of emphasis has been made in other financial institutions especially the banks, but it is the SACCOs that are not holding the credit sector in the country especially after the House passed a legislation curbing interest rates. Kenyans have only SACCOs to go for loans because banks ask for many collaterals and offer weird repayment periods. But SACCOs got into the gap and have contributed to the 25.6 per cent of our GDP. Clause 9(a) provides that reports that are filed monthly to SASRA are now supposed to be in electronic form. The reports filed by SACCOs include capital adequacy report, liquidity statement report, statement of deposit returns reports, risk assessment and assets provision, investment return, statement of financial position and other disclosures. These reports are huge and manual and imagine a SACCO based in Turkana or Mombasa or the one in Molo and have to file these returns by 8th of every month. Anchoring in law that SASRA has to provide an ICT system where these reports will be filed electronically is a great step in the regulation of the SACCO societies. During public participation, a lot of views were raised especially on liquidation and revocation of licences. We have come to a time of the crackdown by the Ministry of Interior and Coordination of National Government and the Ministry of Transport, Infrastructure, Housing and Urban Development on boda bodas and the matatu industry. They are now saying that all these"
}