By Our Reporter
Homa Bay County Women’s Sacco is on the verge of turning into a bank.
The Sacco is currently pursuing a partnership with the Women Enterprise Fund (WEF) to fulfill its mission.
The society was started by Woman Representative Gladys Wanga about three years ago.
Currently it has 10,000 members. Its success has been pride of Nyanza region where cooperatives dearth is a reality.
The Sacco entered into a partnership with the National Government Affirmative Action Fund (NGAAF), which has granted it Sh5.5 million so far boosting its operation.
“The Sacco is being considered to function as a channel for the Women Enterprise Fund in Homa Bay after rigorous scrutiny of our systems,” Ms Wanga, who is the Sacco’s patron, said.
Through quality services mostly to women, the Sacco is helping reduce poverty as well as enhancing their economic development.
Access to savings accounts has allowed women to protect their families and businesses from unexpected risks.
Although the MP acknowledged that converting the sacco into a bank was a huge gamble, she said she believed it would pay off. The society is currently one the biggest in South Nyanza and one of the largest in the western Kenya region.
It has a capital base of Sh44 million by December 31, 2017. The Sacco was voted the cooperative organisation with the highest membership in Homa Bay County.
Since its inception, the Sacco has given out Sh88.6 million in loans.
