Fishermen leadership in Homa Bay has identified a firm that will help them recruit members for their Savings and Credit Cooperative Society (Sacco).
The firm will be training the fishermen on financial literacy, insurance cover and other banking services before they register with the Sacco.
The Sacco aims at providing a platform for the fishermen to put money generated after sale of fish.
The leadership initiated the Sacco to do away with financial mismanagement that is associated with fishermen.
The Homa Bay County Beach Management Units Network sacco will ensure fisherfolk are encouraged to save their money after selling fish.
The Sacco targets at least 80,000 people to register in Homa Bay.
On Thursday, the county beach management units chairman Edward Oremo said the firm is also offering training to potential members of the Sacco.
“The Sacco will be dealing with people who fully understand its operations and activities it will undertake. Training covers activities like marine conservation, cage fishing and fingerling production,” Oremo said.
Governor Gladys Wanga described the starting of the Sacco as one of the best ways of fighting poverty among the fishermen.
She told fishermen to use the Sacco to set economic goals.
The Sacco will enable fishermen to generate funds and create wealth for themselves and for others.
“The Sacco leadership must remain watchful of people who are likely to derail them. Members should be people who are trusted,” Wanga said.
According to Wanga, some groups have equally come up with the same idea but did not manage to stay afloat.
She said it was rocked with defaulters who took loans but could not repay on time.
“We have people who take huge loans but fail to repay and lead to collapse of Saccos. Activities of Saccos shouldn’t be suspended because of challenges brought by members,” Wanga said.
The governor told fishermen to involve professionals in running the institution.
She committed a personal contribution of Sh1 million to help the fishermen Sacco establish itself.
The department of cooperatives was also instructed to set aside Sh1 million to kick-start the Sacco.
The fishermen intend to conduct a fundraiser to support the institution. The funds drive will be held next month.
Homa Bay trade executive member Polycarp Okombo said their projections have shown that the Sacco can generate at least Sh2.8 billion annually if fishermen across the county save at least 100 every day.
