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Lake region taps Sh2b Sacco kitty

Dickens Wesonga @PeopleDailyKe

Unaitas Sacco Society will inject Sh1.5 billion to boost economic activities within the lake region economic bloc. Unaitas chairman Joseph Kabugu said the move is aimed at transforming the financial needs of the locals.

Kabugu said the funds will be channelled towards financing value chain horticulture and will specifically target avocado growing.

The money, according to the chairman, will be given to farmers as loans for seed capital and will also support training on intensive farming, extension services and upscale market opportunities.

“More importantly, we will ensure there is knowledge sharing through peer to peer exchange programmes and practical training,” he said.

During the event, marking the celebration of 25 years of the Sacco’s inception, Kabugu disclosed that an additional Sh500 million will be channelled into the fishing industry. The amount will fund fishermen activities through partnerships using the beach management units (BMU) across the beaches of the Lake Victoria .

“We will empower BMUs and utilise their structures to make it possible for fishermen to access affordable credit to fund acquisition of cooling plants,” he added.

Through the BMUs, the sacco will advance small instant loans through its mobile phone platform Mo Cash.

Unaitas will commit a further Sh1 billion to support the development of small factories to manufacture fish feeds and promote commercial fish breeding through fish cage farming in the region.

The fishermen will be taken through financial literacy programmes to help them acquire skills to optimise the funding received.

“Through our corporate social investment we will plough back to the community two per cent of the regions revenue collection to fund agroforestry initiatives to boost the forest cover,” he said.

Former prime minister Raila Odinga, who presided over the official opening of Unaitas branch Kibuye, urged the residents to take advantage of the prevailing political environment to do business.

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