The Government has moved to entrench Saccos in the disbursement of funds under the women enterprise fund in a bid to expand the reach of women beneficiaries.
Public service, youth and gender Cabinet Secretary Cecily Kariuki launching a 250 million shilling Sacco in Machakos urged women to utilize the interest free funds for economic empowerment.
The cabinet secretary who was at Mulu Mutisya grounds in Machakos launched a 250 million shilling Sacco whose funding will be drawn from the women enterprise fund in a move meant to increase the number of beneficiaries, and diversify the disbursement mechanism, which is also meant to significantly expand the funds absorption portfolio.
During the launch, the CS handed a Kshs 33 million cheque to eight Saccos drawn from various sub counties in Machakos saying it was a way of the government’s demonstration of commitment to empowering its people.
She added that the government had so far lent out Kshs 11.7 billion since the inception of the WEF and a further Kshs 5.2 billion through the Uwezo Fund and Kshs 12 billion had also been disbursed under the Youth Enterprise Fund as part of the Government’s plan to empower Women, Youth and Persons With Disabilities.
At the same time some of the groups under the Uwezo Fund initiative expressed concerns over what they termed as poor loan repayment which was hampering the scheduled disbursement of the rotating funds.
The CS warned that any group that records repayment rate below 50 percent will be suspended from the program forthwith.