Fund continues to empower women through loans

The Women Enterprise Fund has released Sh3.8 billion in loans to more than 800,000 women living in the 290 constituencies in a bid to empower them.

The Fund’s chief executive Samuel Wainana on Thursday said in the last seven years, Sh381.4 million had been disbursed to 67,799 women in various constituencies which has enabled the borrowers to invest in agriculture-related activities, trade, services and telecommunications and other sectors leading to the creation of jobs for themselves and others.

Mr Wainana, in a statement, said: “We commend the Kenyan women for their integrity and faithfulness in servicing their loans loans recording a national repayment of 90 per cent. This has proved that one does not need physical collateral in order to service a loan, which should serve as useful lesson to traditional banks and other lenders.”

Mr Wainana said the Fund - in collaboration with the Ministry of Cooperatives - has facilitated the registration of 46 women-owned and managed saccos in various parts of the country.

“The Fund is investing in this initiative to enable the women formalise the 'chamas’ into legal entities that are owned and controlled by them as a guarantee to long-term sustainability of women empowerment agenda,” said Mr Wainana.

“To support the commitment towards promoting women’s participation in public procurement, the Fund will also embark on rolling out the issuance of bid/security bonds later this month. This will be done on a pilot basis in the Nairobi region where a majority of the goods will be bought through financing by the Women’s Fund,” read the statemet.

SUPPORTING TRAINING

The chief executive said as part of the Fund’s community service activities, it had completed Kiukuni Eco Pit latrines located in the Eastern region at a cost of Sh300,000 while textbooks valued at Sh279,700 had been issued to Hon Kahlif Girls Primary School in North Eastern region in November last year.

Mr Wainaina reiterated that the Fund was in the forefront of ensuring that women benefit from training in collaboration with institutions of higher learning within Kenya.

“This includes a business incubation programme with Jomo Kenyatta University of Agriculture and Technology (JKUAT - Juja Campus) and a training programme facilitated by the University of Nairobi on poultry and green house farming.

“We therefore urge women in Kenya who have not borrowed our interest-free loans to borrow funds to create wealth for themselves and their families,” the chief executive added.