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{
    "id": 973085,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/973085/?format=api",
    "text_counter": 42,
    "type": "speech",
    "speaker_name": "Sen. Cheruiyot",
    "speaker_title": "",
    "speaker": {
        "id": 13165,
        "legal_name": "Aaron Kipkirui Cheruiyot",
        "slug": "aaron-cheruiyot"
    },
    "content": "The long standing dispute between SASRA and a number of SACCOs, for example, MUSCO that are before us seeking the guidance of the Senate in trying to resolve this issue is one such example. I know this SACCO well having schooled at Moi University. I know what it means to the people who contribute their savings to it. The day that I saw that this well to do and thriving SACCO had gone down, my heart sunk. I realised that we are living in difficult times. Mr. Speaker, Sir, I made a further inquiry from the Chief Executive Officer (CEO) of SASRA to find out what the issues that are bedeviling this particular institution are. I was more concerned because my county also has a number of SACCOs. I know what SACCOs mean, especially to ordinary Kenyans that we represent. Most of them put their life savings in these institutions. Therefore, if we have weak regulations in this sector, we are putting the lives of millions of Kenyans in danger. Mr. Speaker, Sir, to my surprise, they told me that they had proposed regulations on how we can manage our SACCOs better. Unfortunately, our Committee on Tourism, Trade and Industrialization has not hurried the process or put in place proper regulations. I do not know how true this is. Perhaps, Members of the Committee will get an opportunity to respond. One of the key issues is seeing the competence of men and women that are charged with the responsibilities of sitting in boards that run these institutions. 90 per cent of the SACCOs are failing due to governance issues where members of the board award themselves loans or employ their children. Therefore, it is important for the Committee on Tourism, Trade and Industrialization to deal with this issue that is before us. More importantly, so as to save other SACCOs, it should hurry and expedite the"
}