Women fund seeks Sh3.4b for loans

NAIROBI: The Women Enterprise Fund (WEF) is seeking Sh3.4 billion in the next financial year due to the increasing number of women seeking loans.

The WEF said more women were joining groups and borrowing loans that have an impact in their lives economically.

According to the Fund's Chairperson Mumina Bonaya, they had made significant strides since the formation of the board seven years ago.

Bonaya said more women were seeking funds, noting that in the last one year alone, more than 1 million borrowed money.

"We are moving on well and the women who have benefited from the funds have also undergone various trainings to help empower themselves economically," she said

She said so far, the board had disbursed Sh6.4 billion to women across the country, noting that the funds they were seeking would help reach more groups at the grassroots.

Bonaya was speaking to Press during the opening of a two day retreat for the fund's management on the new strategic plan at Simba Lodge in Naivasha.

She praised the efforts made by women in the repayment of the loans, saying only few had defaulted due to reasons she termed as understandable.

In the new strategic plan, the fund will be seeking to involve a larger cadre of special interest groups where youths and persons with disabilities will benefit.