Finance trust eyes microfinace status next year

Plans are underway to transform the Kenya Women Finance Trust into a microfinance regulated institution by next year.

The organisation’s chief executive officer, Ms Jennifer Riria, said the transformation would enable them provide better services to women in the country as well as offer numerous development opportunities.

She said that by the end of this year, KWFT will have disbursed Sh9 billion in loans to female entrepreneurs countrywide.
Ms Riria said the money will be advanced to members through different loan products.

Business capital

They include Biashara loan which provides capital for business expansion, school fees and Afya Card which provides insurance cover to clients and families to enable them access free inpatient medical services in any mission or Government hospital countrywide.

Ms Riria said her organisation also offers emergency loans to members during calamities or illnesses to save their businesses from collapsing.

She said KWFT has disbursed Sh700 million in loans to over 30,000 members in Nyanza Province and promised to allocate them more funds.

New office

The KWFT boss was speaking in Rongo Town during the opening of another branch office. She said clients of the new office will receive Sh50 million in loans before the end of this year.

Public Service minister and area MP Dalmas Otieno told area residents that they would receive another Sh150 million next year from the body after increasing the number of clients from the present 1,300 to 4,000.

KWFT currently has over 140 offices across the country, serving 250,000 women who are mainly in the low income category.