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{
    "id": 981963,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/981963/?format=api",
    "text_counter": 364,
    "type": "speech",
    "speaker_name": "Sen. Murkomen",
    "speaker_title": "The Senate Majority Leader",
    "speaker": {
        "id": 440,
        "legal_name": "Onesimus Kipchumba Murkomen",
        "slug": "kipchumba-murkomen"
    },
    "content": "approval granted to the person by any financial sector regulator; the ability of the person to carry out regulated activity competently, honestly and fairly; the reputation, character financial integrity and reliability of a person; and any other material information that the Authority may consider necessary. Those are some of the qualifications they will look at when determining whether a person can serve in a deposit-taking. When looking at the suitability of the person, SASRA must take into account issues like whether that person has contravened the law; whether the person has been convicted before; whether he has been a director who has been involuntarily liquidated in another SACCO before; and whether he has participated in other business which is considered fraudulent or prejudicial to the interest of SACCOs in the country. Whether he has participated in any business practice which cast doubt on the person’s competence and soundness of judgment. Whether he has acted in a manner that cast doubt on the person’s competence and so forth. Mr. Deputy Speaker, Sir, this is a straight forward amendment which is only four pages. The second part of it is that minimum standards have been imposed on the SACCO, which includes continuous or minimum professional development cost training for all the staff that will serve; that is, the CEO or board member of the society as they continue serving in the society. They must meet those minimum qualifications. Part II is the question of reporting. At the moment, under the Banking Act, banks are mandated to report all the credit performance of its customers without resorting to the customer or asking for permission from the customer. So, when you decide to be a customer in any bank, you have also decided for your information to be shared with the Central Bank of Kenya (CBK) about your credit worthiness and your ability to service loans that you have borrowed and so forth. Section 54 of the Act is being amended with the insertion of Clause 54(b) which says: “A SACCO society shall, in the ordinary course of business, exchange information on performing and non-performing loans as may be specified by the Authority and to such extent as may be prescribed through the regulations made under the Act.”"
}