Migori: The Ministry of Cooperatives and SMEs Development, in collaboration with the Eliud Owalo Foundation, has initiated a financial literacy program for women's groups in Migori. The training aims to enhance their financial management skills and prepare them for potential empowerment funds from the foundation.
According to Kenya News Agency, the program gathered at least 400 women groups from 12 sub-counties to strengthen their organizational structures and facilitate their registration into Savings and Credit Cooperative Organizations (SACCOs). This move is seen as a precursor to accessing affordable loans and other funding opportunities. Peter Okul, the Assistant Commissioner for Cooperative Development, emphasized that the initiative is crucial for enabling registered groups to secure financial assistance at favorable interest rates.
The training covered vital areas including governance, fundraising, and bookkeeping. It also highlighted the three basic funding avenues within cooperatives: entrance fees, share purchases, savings, and internal lending. Okul stated that the partnership is aimed at expanding group capabilities, generating employment, and empowering local communities.
Furthermore, the funds from the Eliud Owalo Foundation are expected to boost economic activities such as fishing and rice farming in Nyatike, sweet potato and coffee cultivation in Kuria, and dairy farming across the county. Bevin Bhoke, who oversees SACCOs in Migori, remarked that the initiative is a significant step toward building financial independence among women.
Betty Oranga, representing a women's group from Suna East Sub-County, expressed optimism about the program, urging participants to apply the acquired financial management skills to their businesses. This initiative is part of a broader effort by the Eliud Owalo Foundation, in partnership with the State Department for Cooperatives, to economically empower women in SACCOs nationwide over the past two years.