Homa Bay fishermen have formed a Sacco to promote a saving culture and address their financial challenges when the fish stock dwindles.
The Homa Bay County Beach Management Units Network Sacco has been formed to help the fishermen grow economically.
Many fishermen have not been saving their money after selling their catch due to their extravagant spending, shortage of fish and lack of time to open a bank account.
Statistics show that most fishermen do not have bank accounts because they lack time to go to such financial institutions and this has affected their economic growth.
According to Homa Bay county beach management unit network chairman Edward Oremo, most fishermen want to associate with institutions that they have an attachment to.
He argued that most fishermen are members of self-help groups at beaches they operate in even though the groups do not provide them with opportunities to invest as they offer dismal loans.
Oremo said the Sacco is the hallmark of major economic transformation in the fishing sector as fishermen will acquire financial literacy and have the ability to access funds.
“The Sacco has at least 80,000 fishermen as potential members. Our agenda is to make fishermen realise economic transformation,” Oremo said.
Speaking on Friday during the official launch of the Sacco by Governor Gladys Wanga in Homa Bay town, Oremo said they have started sourcing professionals to manage the Sacco.
Trade and cooperatives executive Polycarp Okombo and his fisheries and blue economy counterpart John Agili were present.
Oremo said board members of the Sacco will undergo training to sharpen their skills in financial management.
The Sacco plans to establish its head office in Homa Bay town.
“We are in talks with telecommunications companies to make Sacco services available on mobile phones. This will enhance access by fishermen,” the BMU official said.
Wanga described the initiative as one of the best ways of fighting poverty among the fishermen.
Homa Bay has at least 140 active and operating beaches. The county has the longest Lake Victoria water cover in Kenya.
The governor said the Sacco will ensure fishermen have economic progress.
“Through their savings as members fishermen will be able to generate funds and create wealth,” Wanga said.
The Sacco officials were asked to be watchful of people who are likely to derail their agenda as some people are likely to borrow funds and fail to repay.
“Some people will apply for loans and fail to repay. Among them could be board members and other top officials because they have ill intention,” she added.
The governor told fishermen to involve professionals in running the institution. Wanga committed a personal contribution of Sh1 million to help the fishermen Sacco establish itself.
The trade and cooperative department also set aside Sh1 million to kick-start the Sacco. The Sacco intends to hold a funds drive next year to source more money.
