Women across the country can now access cheap credit from the government. This follows the release of 250 million shillings to Women Financial Intermediary Partners also known as SACCO to lend the funds to women.
The savings and co-operative organizations, SACCO which was launched by the Public Service, Youth and Gender Affairs Cabinet Secretary Sicily Kariuki aims at providing affordable credit to women in small and medium businesses.
Under the current loan arrangement, women can borrow up to Kshs750, 000 from the Affirmative Action Funds, but with the introduction of the SACCO, the limit has been increased to five million shillings
“This SACCO lending project has reserved 250 million shillings to go round to various groups. Already there are seven member groups and we are giving 33 million to them as initial funds.” said the CS
“I am very proud to launch this initiative aimed at stabilizing women financially and more specifically through business.” she added
The initiative which seeks to offer women cheap loans has already attracted seven women groups who have joined as members.
Besides the SACCO credit, public service ministry has through the National Government Affirmative Action Fund, extended 5.1 billion shillings to women groups to finance projects such as bursaries, civic education, women economic empowerment and value addition initiatives. 80,954 groups have benefited from the funds.