Kwania women VSLA’s launch SACCO to boost their financial capacity

KWANIA, May 22, 2024 – At least eight women Village Savings and Loans Associations [VSLAs] in Nambieso Subcounty in Kwania district have launched a Saving and Credit Cooperative Organisation [SACCO] to improve their financial capacity.

The eight VSLAs that have formed the SACCO include Obany-pe-wany, Orib Cing, Ter-can-ilwak, Rwot Akica, Noteber, Poo-pii-anyim, Mon-Yele, and Obanga-en-mara all in Acwao parish, Nambieso Subcounty.

The SACCO, named Obanga En Mara Women SACCO, will assist women in boosting their small businesses by providing them with more loans.

Stella Adek Geoffrey, Chairperson Obanga-en-mara SACCO says the SACCO has started with an initial capital of Shs 2 million that will be loaned out to members at an interest of 5 percent per annum.

Adek said they decided to form the SACCO to support women running small businesses. We hope to provide affordable credit to women with small businesses or those intending to start a business but do not have the capital or collateral for a bank loan,” she said.

Jolly Omara, General Secretary Obanga-en-mara SACCO appealed to the leaders to support the SACCO. Omara said the SACCO will relief its members  from bank loans that attract high interest rates.

“About 96 percent of women have no access to credit facilities especially due to lack of collateral and the few who have access are being duked by money lending institutions. I hope the newly formed SACCO will take the women a step closer to financial freedom,” she said.

During the occasion that took place recently at the SACCO’s Offices in Anamoringo trading center in Acwao parish, Kwania district Woman Member of Parliament, Kenny Auma gave a cash donation of Shs 1.6mln to boost the SACCO’s savings.

Auma encouraged men to support women in the project to improve so that they improve their household incomes.

On her part, Harriet Omara, who has shown interest to contest for Kwania Constituency seat in the 2026 general elections, warned the SACCO leaders to restrain from keeping money under their pillows.

“Financial literacy and unity might be the only hope if they want to get out of poverty. Above all, you don’t need to save money under pillows but save money in SACCOs or banks to an some interest,” said Omara.

https://thecooperator.news/mp-auma-extends-financial-support-to-vslas-in-kwania-district/

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