The county government of Kakamega is set to decentralize Microfinance services across the region in a move aimed at moving services closer to residents.
The services will apply to all 12 sub-counties and 60 wards across the county.
This was announced by Kakamega governor Fernandes Barasa on Monday when he issued Sh10 Million to women-owned Micro, Small and Medium Enterprises (MSMEs) to boost their businesses.
Speaking during the event at the county headquarters, Barasa said 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 optimizing existing opportunities.
The governor expressed confidence that through the training, women will be equipped with entrepreneurial knowledge and skills especially the ability to identify rewarding business opportunities.
“The objective is to only issue financial support but to also ensure the same goes along with the required know-how, skills and technical expertise to enable our traders to make the most from such opportunities," said Barasa.
Barasa who last week issued Sh13.3 million to traders in the county noted that women lack sufficient financial empowerment, something that hinders 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 into a Microfinance bank.
The initiative greatly weighs in on the county’s two most important pillars of Social Development and Wealth creation agenda.
