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{
    "id": 959717,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/959717/?format=api",
    "text_counter": 121,
    "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": "One other practice that Kenyans should adopt to check the banking industry is to invest more in credit unions, Saccos or saving through co-operatives. Other countries have increased the capacity of co-operatives. For example, some of the best performing Saccos are Harambee Sacco and Mwalimu Sacco and many others which save with banks. We should come up with amendments to the Co-operatives Law. That is because the law we are operating on is historical and was not well amended to rhyme with the new Constitution. We have many Saccos - including our Parliament Sacco – in which we save. They operate like banks. Saccos‟ interest rates are much lower than those of banks. If Kenyans do that, it will be the solution to this problem. Should this law not go through this time by not getting presidential assent the solution would be to invest in Saccos and convert our Sacco into a bank office and operate it as a bank. That will create competition in the banking industry and Kenyans will increase their savings. It will still serve the same purpose of enhancing Kenyans financially and making sure that we borrow and grow businesses. Only the rich flourished under the earlier law before we amended it. When the law was amended successfully, many Kenyans were able to access credit or loans and were able to grow businesses."
}