Chief Executive Officer (CEO) for the Kakamega County Microfinance Corporation (KCMFC) Mr. Baraza Wangwe has called on residents of Kakamega County to embrace the culture of financial borrowing to expand their business enterprises.
Mr. Wangwe made the appeal Thursday during a Board meeting held to review the Corporation’s Strategic Plan and Micro Finance Credit guidelines and regulations where he revealed that Mumias East Sub-County leads in the uptake of the low interest credit facilities advanced by the Corporation, whereas Navakholo Sub County has the lowest number of applicants for the loan in the entire County.
According to the CEO, the loans are targeting youths and women from Kakamega County who are running businesses and are unable to access commercial loans; with an aim of reducing overdependence and unemployment amongst the residents.
“We are also targeting specialized groups particularly the graduands of County Polytechnics who have a niche within the value chain for instance plumbing and carpentry among others so that we can support their activities after they identify business opportunities,” he asserted and advised the business men and women to form Saccos or join existing ones for ease of identification and appraisal by the Government.
“Despite extending our services to individual business people, we also encourage them to be members of Saccos which acts like a guarantor. So far we have identified over 80 emerging Saccos in Kakamega County,” Mr. Wangwe disclosed.
Shinyalu and Malava, Mr. Wangwe added, are the second and third Sub-Counties respectively after Mumias East in uptake of the County business loans. Loan application forms available with Sub-County market administrators at Sub-County headquarters, County wide.
Trade, Industrialization and Tourism Chief Officer Mr. Fanuel Wemali who is also a Member of the Board emphasized on the need to attain the Vision of the Governor H.E DR. FCPA Wycliffe Ambetsa Oparanya of converting the Corporation into a Microfinance Banking Institution. His sentiments were echoed by the Board Chairperson Mr. Christopher Aleke who said Kakamega County has the potential of establishing financial institutions.
Dr. Henry Wati, a Performance Contracting (PC) and Strategic Planning Consultant and other Board Members were also in attendance as well as Mr. Steve Makokha the MSE Development Officer and Mr. Kelvin Okile, a Senior Economist attached to the Corporation.
The Corporation has already developed the Financial Year 2021/22 PC document as well as 2021/22 – 2026/27 Strategic Plan.