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{
    "id": 951942,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/951942/?format=api",
    "text_counter": 258,
    "type": "speech",
    "speaker_name": "Gatundu South, JP",
    "speaker_title": "Hon. Moses Kuria",
    "speaker": {
        "id": 13160,
        "legal_name": "Moses Kuria",
        "slug": "moses-kuria"
    },
    "content": "“approved institution” means a bank or financial institution registered under the Banking Act (Cap.488), an insurance company licensed under the Insurance Act (Cap. 487), a building society registered under the Building Societies Act (Cap.489), or a fund manager or investment bank registered under the Capital Markets Act (Cap. 485A). The import of the amendment is to ensure that the benefits that this House gave to home owners under the Home Owners Savings Plan (HOSP), and which was restricted to banks only, can now be expanded to include other investments like those primarily licensed under the Capital Markets Act. The Act has other instruments for savings which are becoming very popular like corrective investment scheme and money market scheme. Savings in those schemes ought to be included for the benefits just like savings in bank instruments. The return on savings from banks is very low and investors are looking for returns in other capital instruments. So, it is only right and fair that those instruments be accorded the same advantages."
}