By Hilton Mwabili
Mombasa County joint Huduma Cohort Youth Sacco has facilitated credit to small and medium enterprises to empower youth.
The umbrella body hosting at least 23 minor youth Saccos says the credit will instil financial liberation amongst young people.
With an asset base of Sh35 Million, the lender has partnered with the Mombasa County government to bridge the gap left by established lenders who squeeze millions from small economies through huge interests.
Youth in the area can now access credit from the new facility
for business development before repaying at low interest rates.
Bamburi National Youth Service Sacco cohort Deputychairperson Catherine Kariuki, says credit seekers can access from as little as Sh4,000 to Sh20,000.
The money is repayable on monthly basis and the loan facility is now seeking to expand its wings to accommodate more deserving groups.
“Though the money is little, we are planning to open doors so that we can accommodate more contributors as we plan to invest in more projects, “said Kariuki.
Huduma Sacco was established in 2016, following a major merger of the youth Saccos, all owned by former employees of the National Youth Service (NYS) with each minor Saccos having over 200 members.
Ziwa Mkomani Sacco chairman Victor Ogao said the umbrella credit facility was developed by the youth after consolidating their contributions which were daily deductions by their former employer NYS.
“Our daily deductions by NYS made us join hands and start a giant Sacco. We were deducted Sh141 per day, prompting us to think of an alternative income generation and therefore merged with other Saccos,” said Ogao.
Speaking when he closed the joint Huduma Sacco meeting, Mombasa County Agriculture, Livestock and Fisheries County Executive Member Tendai Lewa called on the youth to embrace affordable credit and develop projects in the county.
He said the county is keen to empower youth groups to invest in agriculture as they seek to increase their financial muscle.