Nairobi: Nyando Constituency NG-CDF is preparing to disburse Sh2.5 million from the Uwezo Fund to 26 youth, women groups, and individuals with disabilities. The initiative aims to foster self-employment and boost economic activities in the area.
According to Kenya News Agency, the Uwezo Fund provides zero-interest financial credit to Small and Medium Enterprises (SMEs) and youth-led entrepreneurs. This funding supports the initiation and expansion of businesses, aligning with the government's Bottom-Up Transformation Agenda (BETA).
Felix Ogalo, Uwezo Fund Field Officer in Nyando, indicated that the beneficiary groups include 20 new groups taking their first loan and six other groups processing subsequent cycles. Speaking at a financial fitness training event at the Nyando Social Hall, Ogalo mentioned that the Uwezo Fund Nyando Constituency Secretariat has completed the processes, pending cheque distribution by area MP Jared Okello next week.
Ogalo highlighted that all 26 beneficiary groups have received training in best business practices, group dynamics, and financial literacy to help members grow their ventures and successfully repay their loans. The fund has allocated Sh1 million to the new groups, with each receiving Sh50,000, while Sh1.5 million has been disbursed to the six groups applying for subsequent loans. Notably, the Mawaidha Bora group, applying for their third loan, received Sh480,000, the highest allocation to any group since the Uwezo Fund's inception in Nyando Constituency.
The Fund's repayment rate in Nyando has been 90 percent since 2021, positioning the constituency among the top performers in Uwezo loan repayment. More women and youth groups are applying for the funds, Ogalo added.
Nyando Assistant County Commissioner Shadrack Kirui, speaking at the event, remarked that the funds' disbursement marks a significant step in empowering local communities and fostering economic growth. Kirui underscored the need to invest the cash into profitable ventures and ensure timely loan repayment to sustain the program's effectiveness.
He emphasized that beneficiaries are expected to repay the loans to improve their borrowing limit in subsequent cycles and encouraged more people to apply and benefit from the initiative.