Nakuru Governor Susan Kihika has splattered monumental smile on Sacco members in the county with the actualization and operationalization of Co-operative revolving fund.
The move is a huge boost as the previous county government regimes had failed to put in place the fund despites numerous promises.
Equally with the same spirit of increasing capitalization for the entrepreneurs and empowering them, the governor has also launched Enterprise funds in the county. Each of the two funds will initially have Ksh 25,000,000 with annual increment.
According to the County Executive Committee Member (CECM) Trade, Co-operative, Tourism and Culture Stephen Kuria, the two funds will be operational latest by September 2024.
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The funds will be dispensed through Kenya Commercial Bank under specified guidelines.
Kuria, a former MCA- Biashara ward, Nakuru East Sub County said, the fund will attract a minimal interest. These are revolving funds that must inspire and promote development of Co-operative Society members and small scale traders in Nakuru County.
Kuria said that the details of the funds are being crafted by the departments’ technocrats and Kenya commercial bank. He said the boards of the two funds have been gazette and inducted on mondus operandi and legal frame works.
As per the top official of the county executive who spoke to Sacco Review in anonymity, the governor is determined to empower Sacco members and small scale traders. “She is determined to ensure success of the two funds regardless of challenges and achieve the objectives.”
The official said, despite years of difficulty and other foreseen and unforeseen challenges the Governor is effusively committed. “Any official who will be implicated in the mismanagement of the funds will face the “music” mercilessly.”
The official added that the governor has constructed several ultra-modern markets and supported several societies with inputs, infrastructure developments, training and market linkages.
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