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{
    "id": 981956,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/981956/?format=api",
    "text_counter": 357,
    "type": "speech",
    "speaker_name": "Sen. Murkomen",
    "speaker_title": "The Senate Majority Leader",
    "speaker": {
        "id": 440,
        "legal_name": "Onesimus Kipchumba Murkomen",
        "slug": "kipchumba-murkomen"
    },
    "content": " Mr. Deputy Speaker, Sir, I beg to move that The SACCO Societies (Amendment) Bill (National Assembly Bills No. 1 of 2018) be read a Second Time. The country has been facing a difficult time in managing SACCOs. There is a man who calls himself a pastor. Nowadays, we have pastors not like the ones we used to have in the olden days. We have cases where people start their churches, ordain themselves and rise in the ranks up to bishop. There is a bishop in Kiambu called Gakuyo. We all know the story of Gakuyo Real Estate. The Directorate of Criminal Investigation (DCI) had to call thousands of people to report plundering of resources in the SACCO at the DCI offices and it became a big spectacle. There is a general feeling that SACCOs were structured in a manner which was meant to provide opportunity for people to save their money but also ensure easy access of the money by the members. Owing to that flexibility, there has been misuse. The SACCOS have now grown to become bigger and larger, providing resources and support for members. For example, Mwalimu National SACCO Society Limited is now rivaling the Cooperative Bank of Kenya because it lends and takes deposit. We have the question of interest and the regulation of SACCOs vis-à-vis the Banking Act. The most important thing is to know the relationship between the bank and the customer. That relationship that is well defined in law and that has achieved a long The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}