Kipchumba Murkomen

All parliamentary appearances

Entries 2011 to 2020 of 8498.

• 18 Feb 2020 in Senate: Mr. Deputy Speaker, Sir, if you are an LSK SACCO member, it is meant to be LSK SACCO. If it is a deposit-taking institution, it will now be a DT-SACCO. So, LSK DT-SACCO. That way, we will identify all the deposit-taking SACCOs. The use of DT- SACCO is now recognised in law and punished if you misuse it. We want to know which SACCOS are deposit-taking and which ones are not. view
• 18 Feb 2020 in Senate: That is the first responsibility of this Bill. If you look at Clause 2 of this Amendment Bill, first, you must label what is a deposit-taking SACCO. Two, within the commencement of this Act, those SACCOs that were deposit-taking must be given room within 12 months, to change and label themselves as a deposit- taking SACCOs. view
• 18 Feb 2020 in Senate: Third, licensed deposit-taking SACCOs must notify the SACCO Societies Regulatory Authority (SASRA ) prior to amending its registered by-laws or any provisions thereof. If they have many changes they are going to make, they must report to the oversight authority view
• 18 Feb 2020 in Senate: Again, the law provides that: “A co-operative society that has been registered or incorporated as a deposit-taking savings and credit co-operative society or SACCO society, shall, within one year of registration, obtain a license from the Authority to operate as a deposit-taking savings and credit co-operative society or a Sacco society.” Mr. Deputy Speaker, Sir, within one year, you must get the relevant license from the SASRA. All these, as I said, is basically to bring the authority of a deposit-taking SACCO within being registered. view
• 18 Feb 2020 in Senate: Before I come to the reasons for the second amendment which is related to the question of reporting to the credit bureau, Clause 3 of this amendment Bill amends Section 48 of the existing Act, so that it can provide for the determination of and suitability of a person seeking to serve in a deposit-taking SACCO. It means that the Authority will now not oversight just the SACCO itself. It will also oversight the people who are going to serve. These people must be vetted by the SASRA. It will determine whether those people are licensed and qualified to serve ... view
• 18 Feb 2020 in Senate: 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 ... view
• 18 Feb 2020 in Senate: Madam Temporary Speaker, the amendment says that an institution licensed under the Banking Act, Microfinance Act or any other entity as may be provided for under any other written law, shall also have the opportunity to exchange information with the SACCOs. This information is also shared with the Credit Reference Bureaus (CRBs) which have been defined in the law which is the Banking Act or the Microfinance Act of 2006. view
• 18 Feb 2020 in Senate: In essence, persons who have been borrowing from SACCOS are now notified that if these amendments become law, they will face greater scrutiny. There will be 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. view
• 18 Feb 2020 in Senate: greater accountability on their performance of their service of loans. In most cases, we know that many of the SACCOs have no mechanism of enforcing violations by customers who are unable to repay their loans. Under this law, it will be automatic. They will be reported and then their information will go to CRB and be declared a dangerous borrower in the sense that you cannot borrow from other institutions. Other SACCOS will know and your record will be known to the public. view
• 18 Feb 2020 in Senate: Madam Temporary Speaker, I do not know if it is a good thing. I am not speaking as a customer of a SACCO. We have been defaulting. We must be very honest. You borrow and then you go for three to four months without paying. Since SACCOs are not as bad as the banks, you come back and repay - sometimes lamp sum. It takes you a few more months. I do not know. I think the Committee should advise this House whether we should actually be passing this law because most of us here who are borrowing from SACCOs ... view