Kakamega To Decentralise Microfinance Services
Kakamega County Government will decentralise the Microfinance services to all the 12 Sub-Counties followed by the 60 Wards with an aim of moving services closer to the residents.
This was revealed by H.E FCPA Hon. Fernandes Barasa, the Governor of Kakamega County, during a function held at the County Headquarters on Friday where he issued funds to women owned Micro, Small and Medium Enterprises (MSMEs) where KES 10 Million was disbursed to 111 Women owned MSMEs to boost their businesses.
In addition to that, the County Government through the Kakamega County Microfinance Agency will also train women entrepreneurs to enhance their knowledge and skills in business management with an aim of optimising on existing opportunities. Through the training, the Governor said, women will be equipped with entrepreneurial knowledge and skills especially the ability to identify rewarding business opportunities.
The Governor who recently disbursed KES 13.3 Million to traders in the County said women lack sufficient capital hindering them from fully participating in building the economy despite statistics indicating that they are the best loan payers.
The County loans, payable between 12-48 months on a reducing balance have an 8 percent interest rate annually and do not have any conventional form of collateral. The ultimate goal of the Corporation is to transform to a Microfinance bank.
The initiative by the Governor greatly weighs in on his Social Development and Wealth creation agenda, two of his very important Pillars.