The Women Enterprise Fund (WEF) has called for increased funding to enable it to support more women’s groups amid growing demand for affordable financing to establish and expand businesses.
WEF Chief Executive Officer Rachael Musyoki said the agency was receiving an increasing number of applications from women’s groups seeking financial assistance, with some existing beneficiaries also seeking higher loan limits.
Speaking during the issuance of cheques worth Sh41.2 million to 200 women’s groups in Kilifi County, Musyoki said the funds would benefit more than 1,800 women.
She said although WEF had made a significant contribution to improving household incomes, the agency was recycling the same funds as the number of women seeking financial assistance continued to grow.
“The money we are given as WEF is not enough and therefore as we support the President’s agenda of women empowerment, it is my prayer that we get more money to reach out to more grassroots women and this can only be done through our Members of Parliament,” she said.
Musyoki commended women in Kilifi for achieving an overall loan repayment rate of more than 88 per cent, saying increased budgetary allocation would enable the fund to meet the growing demand for higher loan amounts.
She noted that several women’s groups had qualified for loans of up to Sh1 million, but the fund was unable to provide the full amount due to limited resources.
“For business to grow and succeed, there must be access to affordable financing, relevant training and reliable support systems. WEF remains committed to ensuring that women across the country, including here in Kilifi, are fully supported to participate in economic activities,” she said.
WEF Director Yvonne Tonkei echoed the call for increased funding, saying the agency had been forced to reduce its maximum loan limit from Sh1 million to Sh750, 000 due to the growing number of applicants.
“We initially had a limit of up to Sh1 million but we had to revise the limit to Sh750,000 because the fund could not sustain the number of applicants and that is why we are appealing to Members of Parliament to help us push for more funding,” she said.
Tonkei urged beneficiaries to repay their loans on time to increase their borrowing limits and allow other women’s groups to benefit from the fund.
Musyoki said WEF’s revolving model meant that timely repayment was essential in ensuring resources reached more beneficiaries. She encouraged women to use the loans for productive enterprises and maintain proper financial records to strengthen their businesses and improve their ability to access larger amounts in future.
She also urged grassroots leaders to encourage women to form viable groups and take advantage of government programmes, saying collective borrowing and investment could help women create sustainable sources of income and strengthen household livelihoods.
The Kilifi County Government pledged continued support for women’s economic empowerment through programmes such as the Wezesha Fund, which provides financial assistance to women and other groups at the county level.
Kilifi Deputy Governor Florah Mbetsa Chibule said empowering women was critical to achieving sustainable economic growth, noting their significant contribution to the country’s economy.
“Women in Kenya make up more than half of all the small and micro-enterprise operators. Women produce more than 60 per cent of food. An economy that excludes half of its workforce from full participation cannot achieve its potential,” she said.
Beneficiaries welcomed the financial support, saying affordable credit had enabled them to establish and expand businesses.
Christine Machuka, a chairperson of one of the beneficiary groups, said WEF financing had enabled members to establish a table-banking initiative through which they invested in various businesses.
She said some members had opened small retail shops while others were making and selling beaded shoes and baskets.
However, the beneficiaries raised concerns over what they termed inconsistent requirements during the certification and renewal of their groups’ certificates, saying the process had at times been frustrating.
By Stephen Mrira and Laban Mrima
