The Global Give Back Circle (GGBC) organisation has launched a Savings and Credit Cooperative (Sacco), namely Her Financial Freedom Sacco, aimed at enhancing financial literacy and empowerment among pastoral women in West Pokot County.
The initiative, led by Caroline Menach, Director of Perur Ray of Hope as well as Community Lead of the Global Give Back Circle in the County, said the initiative seeks to address the challenges faced by women, including the impact of climate change, financial constraints, and a lack of educational resources.
Menach emphasized that the Sacco is designed to bridge the gaps for rural women in access to loans and knowledge about business ventures, enabling them to achieve greater independence.
She disclosed that the Her Financial Freedom Programme has so far registered 650 members, with plans to recruit more participants.
She encourages local women to join in order to benefit from the resources and training offered by the programme.
The Director, said the primary goal of the Sacco is to positively transform the lives of women in West Pokot through development initiatives and inculcating saving
She also announced that the cooperative has started with a foundational fund of 50 US dollars, which will be available for loans at favourable interest rates tailored to meet the needs of the members and promote the financial security and growth of their savings.
‘‘The Sacco launch represents a significant step towards empowering rural women in West Pokot, equipping them with knowledge and resources necessary for financial stability and growth,’’ Menach said.
The Chief Executive Officer and Founder of Global Give Back Circle, Linda Lockhart, said the initiative received support from donor Suze Orman, an advocate for financial freedom for women in the United States of America.
Ms. Lockhart explained that the total of USD 50,000 received for the opening of the Sacco was allocated as follows: USD 30,000 was designated for small business loans to assist women who have previously engaged in small businesses; USD 10,000 was set aside for emergencies; USD 5000 will cover school fees for the most vulnerable children’s education; and the remaining USD 5000 will provide stipends for the Pioneer women in the Sacco.
Ms. Lockhart emphasized the importance of tracking the success of the Sacco in empowering women in the region.
‘‘After one year, we will evaluate the impact by examining the loans taken by each woman, what those loans have accomplished, and how the USD50,000 allocated to the Sacco has transformed lives in the community,’’ Ms. Lockhart stated.
Mrs. Regina Kalcheche, one of the members, expressed her gratitude towards the Global Give Back Circle, Perur Ray of Hope, and Master Card Foundation for their support, particularly for low-income women who have never opened bank accounts and made bank savings like herself.
Regina noted the challenges faced by women in informal savings groups, often referred to as ‘‘Chamas,’’ and feels optimistic about the security and management that the new Sacco will provide for their finances and ability to borrow bank loans will expand their businesses.
By Anthony Melly and Agnes Chepkopus
