Kisumu County’s boda boda sector has received a major boost as Afresa Sacco has stepped in to support them with their financial needs. Members will now be able to save and borrow with low interest rates.
Afresa Sacco, which has been in operation for more than two years, as stated by the chairperson of the Sacco, Dr. Berry Odhiambo, has taken a keen interest in uplifting the livelihoods of low-income industries like the mama mboga, boda boda sector, hotel industry, among others, in order to improve their living standards.
“Our main goal is to see small and micro enterprises thrive, stand on their own, and grow, as the informal sector creates a gap,” Dr. Odhiambo said. He further noted that Afresa Sacco supports and bridges the financial gaps in the informal sector to improve the GDP to a standard rate.
“We have been able to identify specific financial gaps, like in the boda boda sector, where some riders don’t actually own their motorbikes but lease them and pay back the owners,” Odhiambo explained.
“We actually look at what someone makes a day according to their financial needs, which include taking care of their families, sending their children to school, and other responsibilities. We step in to provide more money to help meet their financial needs,” he added. In supporting the mama mboga and mitumba businesses, Dr. Odhiambo said that they empower them through basic engagement training to help them grow their small businesses.
During the impact assessment held in Kisumu, Odhiambo noted that there were positive testimonials from those they have supported in the industry, which makes it their main pillar. “We are not only providing Sacco loans for the sake of it; we also assess the impact, including the number of jobs we’ve created, how many people have improved their sales revenue in their small businesses, and many more,” he further explained.
In the last years that Afresa Sacco has been in operation, Odhiambo clarified that they have reached out to over 60,000 people who have registered with the Sacco and are doing business with them, benefiting from various financial supports needed to improve their businesses.
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Odhiambo noted that Kisumu County has listed Afresa as one of the best Saccos in the county due to its positive impact on the lives of the informal sector, which has been a plus as more members are joining to save with the Sacco.
They allow the membership registration fees of Ksh. 1,000 over time. Currently, Afresa Sacco has physical branches, with Kisumu being the head office, and similar branches are located in Nyamira and Kakamega counties. They expect to expand nationwide.
By Fredrick Odiero.
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